EX-12.1 3 dex121.htm CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES

Exhibit 12.1

 

Calculation of Ratios of Earnings to Fixed Charges

 

     Three Months Ended
March 31,


    Year Ended December 31,

 
     2004

    2003
(Restated)


    2003
(Restated)


   

2002

(Restated)


    2001

    2000

    1999

 
     (in thousands, except ratios)  

RATIO OF EARNINGS TO FIXED CHARGES:

                                                        

(Loss) income before income taxes, discontinued operations and cumulative effect of accounting change

   $ (2,657 )   $ 3,149     $ 13,438     $ (19,192 )   $ (22,655 )   $ 4,561     $ 1,364  

Fixed charges

                                                        

Interest expense (a)

     7,770       2,371       9,711       15,069       2,294       2,035       2,148  

Preferred stock accretion and dividends

     10       136       448       2,374       —         —         —    

Interest portion of rent
expense (b)

     426       287       1,439       1,078       257       122       142  
    


 


 


 


 


 


 


Total fixed charges

     8,206       2,794       11,598       18,521       2,551       2,157       2,290  
    


 


 


 


 


 


 


Total (loss) earnings

   $ 5,549     $ 5,943     $ 25,036     $ (671 )   $ (20,104 )   $ 6,718     $ 3,654  

Ratio of earnings to fixed charges

     0.7 x     2.1 x     2.2 x     —         —         3.1 x     1.6 x

Ratio of coverage deficiency

     —         —         —         (c )     (c )     —         —    

(a) Interest expense includes amortization of deferred financing costs.

 

(b) Includes approximately one-fourth of the rent expense for each period presented which management believes is a reasonable approximation of the interest component of such rentals.

 

(c) Due to the loss from operations for the years ended December 31, 2002 and 2001, there were insufficient earnings of $19.2 million and $22.7 million, respectively, to cover fixed charges.