EX-12.1 5 v111418_ex12-1.htm Unassociated Document
EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges
 
 
 
Year Ended December 31,
 
2007
2006
2005
2004
2003
           
Pre-tax income from continuing operations
1,022,000
(15,237,000)
(15,961,000)
(27,295,000)
(15,790,000)
Add fixed charge adjustments:
 
 
 
 
 
Fixed charges: Interest expense (1)
5,738,000
2,677,000
2,533,000
252,000
205,000
   
 
     
Earnings, adjusted
6,760,000
(12,560,000)
(13,428,000)
(27,043,000)
(15,585,000)
           
Ratio of earnings to fixed charges
1.2x
N/A
N/A
N/A
N/A
           
(1) Includes accretion on convertible debentures and amortization of deferred financing costs.
 
Our earnings were insufficient to cover fixed charges by the following amounts for the year ended December 31:
 
2006
2005
2004
2003
 
$12,560,000
 
$13,428,000
 
$27,043,000
 
$15,585,000

Fixed charges:
(a) interest expensed and capitalized
 
(b) amortized premiums, discounts and capitalized expenses related to indebtedness
 
(c) estimate of the interest within rental expenses
 
(d) preference security dividend requirements of consolidated subsidiaries
   
Earnings:
Add the following:
 
(a) pretax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees
 
(b) fixed charges
 
(c) amortization of capitalized interest
 
(d) distributed income of equity investees
 
(e) share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges
 
Subtract from the total of items above the following:
 
(a) interest capitalized
 
(b) preference security dividend requirements
 
(c) the minority interest in pre-tax income of subsidiaries