EX-12.1 2 b49087a1exv12w1.txt EX-12.1 COMPUTATION OF EARNINGS EXHIBIT 12.1 RATIO OF EARNINGS TO FIXED CHARGES Set forth below is information concerning our ratio of earnings to fixed charges on a consolidated basis for the period indicated. This ratio shows the extent to which our business generates enough earnings after the payment of all expenses other than interest to make the required interest payments on the notes. For the purposes of computing the ratios of earnings to fixed charges, "earnings" consist of income before taxes and fixed charges. "Fixed charges" consist of interest on all indebtedness and an interest factor attributable to rentals.
THREE MONTHS ENDED FISCAL YEAR ENDED DECEMBER 31, MARCH 31, ------------------------------------------------ ------------------- 2003 2002 2001 2000 1999 2004 2003 ------------------------------------------------ ------------------- (in thousands, except for ratios) FIXED CHARGES: Interest expensed .................................. 244 17 -- 34 325 823 -- Estimate of interest within rental expenses ........ 1,575 1,512 1,451 921 901 424 390 ---------------------------------------------------------------------- Total Fixed Charges ............................. 1,819 1,529 1,451 955 1,226 1,247 390 ====================================================================== EARNINGS Pre-tax gain (loss) from continuing operations ..... 5,655 2,769 (10,707) 1,573 10,481 (777) 922 Fixed charges ...................................... 1,819 1,529 1,451 955 1,226 1,247 390 ---------------------------------------------------------------------- Total earnings (loss) for computation of ratio .. 7,474 4,298 (9,256) 2,528 11,707 470 1,312 ====================================================================== RATIO OF EARNINGS TO FIXED CHARGES ................. 4.1 2.8 -- (A) 2.6 9.5 0.4 3.4
(A) The pre-tax loss from continuing operations for the year ended December 31, 2001 is not sufficient to cover fixed charges by a total of approximately $10.7 million. As a result, the ratio of earnings to fixed charges has not been computed for this period.