EX-12.1 2 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

 

RATIO OF EARNINGS TO FIXED CHARGES

 

    

Six

Months

Ended

June 30,

2004

    Year Ended December 31,
  
        2003
    2002
     2001
     2000
     1999
     1998
  

Earnings:

                                         

Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees

    20,933    33,007    (1,036 )   (43,587 )   (19,236 )   (3,449 )   (615 )

Fixed charges:

                                         

Interest expense and amortization of debt issuance costs and liquidated damages on debt

    557    345    —       —       —       28     14  

One-third of rental expense

    256    498    260     233     214     68     52  
    
  
  
 
 
 
 

Total fixed charges

    813    843    260     233     214     96     66  
    
  
  
 
 
 
 

Ratio of Earnings to fixed charges

    26.75    40.15    —   (a)   —   (a)   —   (a)   —   (a)   —   (a)
    
  
  
 
 
 
 

 

(a) Earnings during each of the five years ended December 31, 2002 were inadequate to cover fixed charges. The coverage deficiency was approximately $681,000, $3,545,000, $19,450,000, $43,820,000 and $1,296,000 for each of the five years ended December 31, 2002, respectively.