Exhibit 12.1
STATEMENT REGARDING COMPUTATION OF RATIOS
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| Six |
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| Months |
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| Months |
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| Ended |
| Year Ended |
| Ended |
| Year Ended |
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| March 31, |
| December 31, |
| December 31, |
| June 30, |
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| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2003 |
| 2002 |
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| (in thousands) |
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Determination of earnings: |
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Income (loss) from operations |
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| $ | (7,549 | ) |
| $ | (60,027 | ) | $ | (60,380 | ) | $ | (69,487 | ) |
| $ | (48,697 | ) |
| $ | (50,054 | ) | $ | (21,236 | ) |
Add: |
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Fixed charges |
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| 481 |
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| 2,849 |
| 1,760 |
| 606 |
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| 332 |
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| 662 |
| 562 |
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Earnings, as adjusted |
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| $ | (7,068 | ) |
| $ | (57,178 | ) | $ | (58,620 | ) | $ | (68,881 | ) |
| $ | (48,365 | ) |
| $ | (49,392 | ) | $ | (20,674 | ) |
Fixed charges: |
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Interest expense |
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| $ | 404 |
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| $ | 2,553 |
| $ | 1,526 |
| $ | 385 |
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| $ | 222 |
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| $ | 447 |
| $ | 408 |
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Amortization of capitalized expenses related to indebtedness |
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| 19 |
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| 73 |
| 12 |
| — |
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| — |
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| — |
| — |
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Portion of rent representative of the interest factor (1) |
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| 58 |
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| 223 |
| 222 |
| 221 |
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| 110 |
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| 215 |
| 154 |
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Fixed charges |
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| $ | 481 |
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| $ | 2,849 |
| $ | 1,760 |
| $ | 606 |
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| $ | 332 |
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| $ | 662 |
| $ | 562 |
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Preferred stock dividends (no dividends paid) |
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| — |
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| — |
| — |
| — |
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| — |
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| — |
| — |
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Ratio of earnings to fixed charged |
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| * |
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| * |
| * |
| * |
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| * |
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| * |
| * |
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Deficiency of earnings available to cover fixed charges |
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| $ | (7,549 | ) |
| $ | (60,027 | ) | $ | (60,380 | ) | $ | (69,487 | ) |
| $ | (48,697 | ) |
| $ | (50,054 | ) | $ | (21,236 | ) |
* Less than one to one coverage
(1) Approximately 33% of annual rent expense is included in the computation. The Company believes this is a reasonable estimate of the interest factor in its leases, which is not material. The underlying rent amounts were $175,000, $677,000, $673,000, $670,000, $334,000, $652,000, and $468,000 for the three months ended March 31, 2007, the years ended December 31, 2006, 2005 and 2004, the six months ended December 31, 2003, and the years ended June 30, 2003 and 2002, respectively.
