EX-12.1 4 f09639a2exv12w1.htm EXHIBIT 12.1 exv12w1
 

EXHIBIT 12.1

RATIO OF EARNINGS TO FIXED CHARGES

                                                 
    Six Months     Years Ended December 31,  
    Ended                                
    June 30,                                
    2005     2004     2003     2002     2001     2000  
    (in thousands)  
Earnings:
                                                
Income (loss) before income taxes and cumulative change in accounting principle
   $ 3,801     $ 20,508     $ (2,933 )   $ (16,409 )   $ (16,397 )   $ 33,198  
Add: Fixed charges
     2,725       2,912       1,750       161       164       340  
Less: Capitalized interest
     —       —       —       —       —       —  
 
                                    
Earnings
   $ 6,526     $ 23,420     $ (1,183 )   $ (16,248 )   $ (16,233 )   $ 33,538  
 
                                    
Fixed Charges:
                                                
Interest expensed
   $ 2,081     $ 2,042     $ 1,202     $ 11     $ 46     $ 235  
Amortization of convertible notes offering costs
     549       736       430       —       —       —  
Estimated interest portion of rent expense(2)
     95       134       118       150       118       105  
 
                                    
Fixed charges
   $ 2,725     $ 2,912     $ 1,750     $ 161     $ 164     $ 340  
 
                                    
Ratio of earnings to fixed charges(1)
     2       8       —       —       —       99  
 
                                    

(1)   For purposes of computing this ratio of earnings to fixed charges, fixed charges consist of interest expense on long-term debt and capital leases, amortization of deferred financing costs and that portion of rental expense deemed to be representative of interest. Earnings consist of income (loss) before income taxes plus fixed charges. Earnings were insufficient to cover fixed charges by $2.9 million in 2003, $16.4 million in 2002 and $16.4 million in 2001.
 
(2)   The estimated interest portion of rent expense for the years 2000 through 2003 has been updated from prior filings.