EX-12.1 3 dex121.txt CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES Exhibit 12.1 CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS (In thousands, except ratios)
Year Ended December 31, ------------------------------------------ 2002 2001 2000 1999 1998 ------- -------- ------- ------- ------- EARNINGS AVAILABLE FOR FIXED CHARGES: Net income (loss)................................ $31,579 $ 66,226 $38,566 $(1,337) $(6,860) Less: Capitalized interest....................... -- -- (17) (966) (237) Add: Fixed charges............................... 1,111 576 909 3,870 603 Income tax provision............................. 17,763 37,252 20,858 - - ------- -------- ------- ------- ------- EARNINGS AVAILABLE.................................. $50,453 $104,054 $60,316 $ 1,567 $(6,494) ======= ======== ======= ======= ======= FIXED CHARGES: Interest expense................................. $ 762 $ 381 $ 748 $ 2,805 $ 279 Capitalized interest............................. - - 17 966 237 Rental expense representative of interest factor. 349 195 144 99 87 ------- -------- ------- ------- ------- TOTAL FIXED CHARGES................................. $ 1,111 $ 576 $ 909 $ 3,870 $ 603 ======= ======== ======= ======= ======= Preferred dividends on a pre-tax basis.............. -- -- -- 7,911 7,094 ------- -------- ------- ------- ------- TOTAL FIXED CHARGES AND PREFERRED DIVIDENDS......................................... $ 1,111 $ 576 $ 909 $11,781 $ 7,697 ======= ======== ======= ======= ======= RATIO OF EARNINGS TO FIXED CHARGES.................. 45.41 180.6 66.4 (1) (1) ======= ======== ======= ======= ======= RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS............................... 45.41 180.6 66.4 (2) (2) ======= ======== ======= ======= =======
-------- (1) Earnings were inadequate to cover fixed charges by $2.3 million and $7.1 million for the years ended December 31, 1999 and 1998, respectively. (2) Earnings were inadequate to cover fixed charges and preferred dividends by $10.2 million and $14.2 million for the years ended December 31, 1999 and 1998, respectively.