EX-12.1 22 d93545ex12-1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 Computation of Ratio of Earnings to Fixed Charges (Unaudited) (in thousands, except ratios)
For the Nine months For the year ended December 31 Ended September 30, ------------------------------------------------------------ --------------------- 1996 1997 1998 1999 2000 2000 2001 --------- --------- --------- --------- --------- --------- --------- Net income (loss) before taxes $ 6,099 $ (10,354) $ (49,361) $ (3,126) $ 67,260 $ 44,802 $ 98,342 Interest expense 2,774 5,635 8,323 9,207 9,731 8,454 4,483 --------- --------- --------- --------- --------- --------- --------- Earnings 8,873 (4,719) (41,038) 6,081 76,991 53,256 102,825 ========= ========= ========= ========= ========= ========= ========= Preferred dividends -- -- -- -- -- -- 397 Ratio of pretax income to net income -- -- -- -- -- -- 1.574 --------- --------- --------- --------- --------- --------- --------- -- -- -- -- -- -- 625 Interest Expense 2,774 5,635 8,323 9,207 9,731 8,454 4,483 Preferred dividend factor -- -- -- -- -- -- 625 --------- --------- --------- --------- --------- --------- --------- Fixed Charges $ 2,774 $ 5,635 $ 8,323 $ 9,207 $ 9,731 $ 8,454 $ 5,108 ========= ========= ========= ========= ========= ========= ========= Ratio of earnings to fixed charges 3.20 (1) (1) (1) 7.91 6.30 20.13 ========= ========= ========= ========= ========= ========= =========
(1) Earnings were insufficient to cover fixed charges by $10,354,000, $49,361,000 and $3,126,000 for the years ended December 31, 1997, 1998 and 1999, respectively.