EX-12.1 3 h18864exv12w1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w1
 

Exhibit 12.1

Ratio of Earnings to Fixed Charges

                                         
                            Nine Months Ended
    Year Ended December 31,
   September 30,
    2001
   2002
   2003
   2003
   2004
    (Dollars in thousands)
Income (Loss) from Continuing Operations
     37,922       23,961       534       (513 )     (5,078 )
Plus: Income Taxes
     (12,213 )     2,959       192       (57 )     (1,893 )
Minority Interest
     1,524       (227 )     —       —       —  
Fixed Charges
     14,733       14,915       16,107       11,818       14,375  
Less: Capitalized Interest
     (1,452 )     (1,693 )     (1,823 )     (844 )     (1,346 )
 
    
 		      
 		      
 		      
 		      
 		  
Earnings Available for Fixed Charges
     40,514       39,915       15,010       10,404       6,058  
 
    
 		      
 		      
 		      
 		      
 		  
Fixed Charges:
                                        
Interest Expense
     12,590       12,149       12,988       9,979       12,520  
Capitalized Interest
     1,452       1,693       1,823       844       1,346  
Amortization of Debt Discount and Issuance Cost
     579       930       1,123       877       365  
Estimated Portion of Rental Expense Equivalent to Interest(1)  
     112 143       173       118       144  
 
    
 		      
 		      
 		      
 		      
 		  
Total Fixed Charges
     14,733       14,915       16,107       11,818       14,375  
 
    
 		      
 		      
 		      
 		      
 		  
Ratio of Earnings to Fixed Charges
     2.75       2.68       0.93       0.88       0.42  

(1)   Represents the portion of estimated rental expense assumed to be attributable to interest factors appropriate for the period during which the rental obligations were incurred. Thirty-three percent was applied for the periods presented.