EX-12.1 3 dex121.htm STATEMENT OF COMPUTAION OF RATIO OF EARNINGS TO FIXED CHARGES Statement of Computaion of Ratio of Earnings to Fixed Charges

EXHIBIT 12.1

 

Statement of Computation of Ratio of Earnings to Fixed Charges

 

     For the year ended December 31,

 
     2004

    2003

    2002

    2001

    2000

 
                                

Earnings:

                                        

Income (loss) before income taxes, minority interest, and cumulative effect of accounting change

   $ (16,139 )   $ (1,496 )   $ 11,268     $ (4,639 )   $ 411  

Add (less): Equity earnings (loss)

     267       (789 )     (2,403 )     (3,131 )     (3060 )

Add: Dividends

     —         150       2,828       1,054       750  
    


 


 


 


 


Sub-total:

     (15,872 )     (2,135 )     11,693       (6,716 )     (1,899 )

Add: Total fixed charges (per below)

     31,638       17,945       11,255       12,581       19,954  

Less: Interest capitalized

     436       152       212       336       1,067  
    


 


 


 


 


Total earnings (loss) before income taxes, minority interest, and cumulative effect of accounting change

     15,330       15,658       22,736       5,529       16,988  
    


 


 


 


 


Fixed Charges:

                                        

Interest expense, including interest capitalized

     29,226       15,958       9,939       11,374       18,557  

Portion of rental expense representative of the interest factor

     2,412       1,987       1,316       1,207       1,397  
    


 


 


 


 


Total fixed charges

     31,638       17,945       11,255       12,581       19,954  
    


 


 


 


 


Ratio of Earnings to Fixed Charges

     (a )     (a )     2.0       (a )     3.0  
    


 


 


 


 



(a) For fiscal years 2004, 2003 and 2001 earnings were insufficient to cover fixed charges by $16,308, $2,287 and $7,052, respectively.