EX-12.1 3 y69368exv12w1.htm EX-12.1: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX-12.1
 

EXHIBIT 12.1

                                                 
    HISTORICAL
    (Dollars in thousands, except ratios)
    12/31/1999   12/31/2000   12/31/2001   12/31/2002   12/31/2003   09/30/2004
Earnings as Defined in Regulation S-K:
                                               
Pre-tax income from continuing operations before adjustment for minority interest in consolidated subsidiaries
  $ 3,781     $ 36,606     $ (26,175 )   $ (37,986 )   $ 8,699     $ 11,412  
Fixed charges
    7,152       374       34,041       44,807       47,503       34,359  
Interest capitalized
    (1,845 )           (250 )     (810 )     (685 )     (236 )
Preference security dividend requirements of consolidated subsidiaries
                (2,226 )     (3,184 )     (2,970 )     (1,247 )
 
   
 
     
 
     
 
     
 
     
 
     
 
 
Earnings
  $ 9,088     $ 36,980     $ 5,390     $ 2,827     $ 52,547     $ 44,288  
Fixed Charges as Defined in Regulation S-K:
                                               
Interest expensed and capitalized
  $ 6,632     $ 374     $ 29,679     $ 38,672     $ 41,470     $ 30,893  
Amortized premiums, discounts and capitalized expenses related to indebtedness
    520             2,136       2,951       3,063       2,219  
Preference security dividend requirements of consolidated subsidiaries
                2,226       3,184       2,970       1,247  
 
   
 
     
 
     
 
     
 
     
 
     
 
 
Total Fixed Charges
  $ 7,152     $ 374     $ 34,041     $ 44,807     $ 47,503     $ 34,359  
Ratio of Earnings to Fixed Charges
    1.27       98.88       0.16       0.06       1.11       1.29  
 
   
 
     
 
     
 
     
 
     
 
     
 
 
Deficiency
                28,651       41,980