EX-12.1 4 d95185ex12-1.txt COMPUTATION OF RATIO OF EARNINGS EXHIBIT 12.1 RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS ($000s)
YEARS ENDED DECEMBER 31 1997 1998 1999 2000 2001 -------- -------- -------- -------- -------- Pre-tax income from continuing operations before loss from equity investee $ 617 $ 5,594 $ 13,353 $(32,500) $(38,049) Less: Minority interest expense -- -- -- -- -- Less: Capitalized interest -- -- -- -- -- Interest expense 600 147 27 1,687 887 Portions of rentals representative of interest (a) 240 244 346 2,248 2,602 -------- -------- -------- -------- -------- Total fixed charges included in net income 840 391 373 3,935 3,489 Earnings available for fixed charges 1,457 5,985 13,726 (28,565) (34,560) ======== ======== ======== ======== ======== Fixed charges: Fixed charges included in net income 840 391 373 3,935 3,489 Interest capitalized during the period -- -- -- -- -- -------- -------- -------- -------- -------- Total fixed charges 840 391 373 3,935 3,489 ======== ======== ======== ======== ======== Ratios of earnings to fixed charges 1.7 15.3 36.8 (b) (b) ======== ======== ======== ======== ========
(a) Portion of rentals representative of interest is estimated at one-third. (b) Earnings available for fixed charges to achieve a 1:1 coverage ratio were inadequate in 2000 and 2001 due to purchase accounting amortization of $41,285 and $52,700, respectively. The amount of additional earnings needed to generate a coverage ratio of 1:1 in 2000 and 2001 were $32,500 and $38,049, respectively.