EX-12 3 q060304ex12.htm 10-Q 06/30/04 EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charge Calculation Exhibit 12.1

(dollars in thousands)

Three Months
Ended
12/31/2003

Six Months
Ended
3/31/2004

Nine Months
Ended
6/30/2004

Pre-tax income (loss) from continuing operations      (3,150 )  5,408    11,179  
                    
Fixed charges:  
Interest expense + Amortization of deferred financing from continuing operations    8,203    16,043    23,667  
Interest factor of rental expense (1)    2,154    4,196    6,204  




Total fixed charges    10,357    20,239    29,871  
                    
Pre-tax income from continuing operations plus fixed charges    7,207    25,647    41,050  
                    
Ratio of Earnings to Fixed Charge    0.70 (2)  1.27    1.37  
       

(1)         One-third of rental expense relating to operating leases is attributed to the interest portion. Management believes this respresents a reasonable approximation of the interest factor.

(2)         For the three months ended December 31, 2003 the ratio coverage was less than 1:1. The Company must generate additional earnings of $3,150 to achieve a coverage ratio of 1:1.