EX-12.1 2 v22004a1exv12w1.htm EXHIBIT 12.1 exv12w1
 

Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIOS
     Set forth below is information concerning the computation of our ratio of earnings to fixed charges on a consolidated basis for the periods indicated appearing in the prospectus. This ratio shows the extent to which our business generates enough earnings after the payment of all expenses other than interest to make the required interest payments on the notes.
     The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. For purposes of computing the ratios of earnings to fixed charges, “earnings” consist of net income or loss plus provision (benefit) for income taxes and fixed charges. “Fixed charges” consist of interest expense plus the portion of operating rental expense management believes represents the interest component of rent expense (estimated at 5%).
                                                         
                                            Three Months Ended  
            Year Ended December 31,             March 31, 2006  
    2001     2002     2003     2004     2005                  
            (In thousands, except for ratios)                          
Fixed Charges:
                                                       
Interest expense
  $ 1,976     $ 2,965     $ 213     $ 301     $ 4,203           $ 1,093    
Portion of rental expense deemed to represent interest
    166       185       195       209       207             45    
 
                                           
Total fixed charges
  $ 2,142     $ 3,150     $ 408     $ 510     $ 4,410           $ 1,138    
 
                                           
Earnings:
                                                       
Net income (loss)
  $ (35,228 )   $ 5,403     $ 63,248     $ (207,358 )   $ (64,308 )         $ (5,305 )  
Provision (benefit) for income taxes
    994       2,176       (42,207 )     59,092       (1,488 )           269    
Fixed charges
    2,142       3,150       408       510       4,410             1,138    
 
                                           
Total earnings (loss) for computation of ratio
  $ (32,092 )   $ 10,729     $ 21,449     $ (147,756 )   $ (61,386 )         $ (3,898 )  
 
                                           
Ratio of earnings to fixed charges(1)
          3.4       52.6                            

     
(1)
  The pretax net loss for the years ended December 31, 2001, 2004 and 2005, and the three months ended March 31, 2006, was not sufficient to cover fixed charges by approximately $34.2 million, $148.3 million, $65.8 million and $5.0 million, respectively. As a result, the ratio of earnings to fixed charges has not been computed for these periods.