EX-12.1 2 g05611exv12w1.htm EX-12.1 RATIOS OF EARNINGS TO FIXED CHARGES EX-12.1 Ratios of Earnings to Fixed Charges
 

Exhibit 12.1
 
STATEMENT REGARDING COMPILATION OF NOTICES OF EARNING
TO FIXED CHARGES AND PREFERENCE DIVIDENDS
 
Ratio of Earnings to Fixed Charges and Preference Dividends
 
                                                 
          Nine Months
 		 
    Year Ended March 31,     December 31,  
    2006     2005     2004     2003     2002     2006  
 
Earnings
                                               
Net loss
  $ (37,149,174 )   $ (9,859,352 )   $ (22,490,577 )   $ (41,227,305 )   $ (57,372,215 )   $ (10,690,400 )
Plus: Income taxes
    —       —       —       —       —       135,000  
 Fixed charges
    27,236,247       18,703,974       17,224,922       13,007,683       12,975,450       22,231,952  
Less: Interest capitalized
    —       —       —       —       (891,644 )     —  
                                                 
    $ (9,912,927 )   $ 8,844,622     $ (5,265,655 )   $ (28,219,622 )   $ (45,288,409 )   $ 11,676,552  
                                                 
Fixed Charges
                                               
Interest expense
  $ 25,048,519     $ 15,493,610     $ 14,624,922     $ 11,007,683     $ 9,750,473     $ 20,397,985  
Interest capitalized
    —       —       —       —       891,644       —  
Interest included in rent expense (33%)
    2,187,728       3,210,364       2,600,000       2,000,000       2,333,333       1,833,967  
                                                 
Total fixed charges
  $ 27,236,247     $ 18,703,974     $ 17,224,922     $ 13,007,683     $ 12,975,450     $ 22,231,952  
                                                 
Preference Dividends
                                               
Series H
    29,988       29,988       29,988       29,988       26,741       12,495  
Series I
    726,889       915,250       1,158,244       160,000       160,000       487,500  
                                                 
Total preference dividends
  $ 756,877     $ 945,238     $ 1,188,232     $ 189,988     $ 186,741     $ 499,995  
                                                 
Ratio of earnings to fixed charges
    — (a)     — (b)     — (c)     — (d)     — (e)     — (f)
                                                 
Ratio of earnings to combined fixed charges and preference dividends
    — (a)     — (b)     — (c)     — (d)     — (e)     — (f)
                                                 
 
 
  (a)  Due to our loss in 2006, the ratio coverage for both ratios was less than 1:1. The fixed charges exceeded earnings by $37.1 million and the combined fixed charges and preference dividends exceeded earnings by $37.9 million.
 
  (b)  Due to our loss in 2005, the ratio coverage for both ratios was less than 1:1. The fixed charges exceeded earnings by $9.9 million and the combined fixed charges and preference dividends exceeded earnings by $10.8 million.
 
  (c)  Due to our loss in 2004, the ratio coverage for both ratios was less than 1:1. The fixed charges exceeded earnings by $22.5 million and the combined fixed charges and preference dividends exceeded earnings by $23.7 million.
 
  (d)  Due to our loss in 2003, the ratio coverage for both ratios was less than 1:1. The fixed charges exceeded earnings by $41.2 million and the combined fixed charges and preference dividends exceeded earnings by $41.4 million.
 
  (e)  Due to our loss in 2002, the ratio coverage for both ratios was less than 1:1. The fixed charges exceeded earnings by $58.3 million and the combined fixed charges and preference dividends exceeded earnings by $58.5 million.
 
  (f)  Due to our loss in the nine months ended December 31, 2006, the ratio coverage for both ratios was less than 1:1. The fixed charges exceeded earnings by $10.6 million and the combined fixed charges and preference dividends exceeded earnings by $11.1 million.