EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The following illustrates the computation of the ratio of earnings to fixed charges for the six months ended June 30, 2004 and the year ended December 31, 2003. The earnings for the years ended December 31, 2002 through 1999 and for the six months ended June 30, 2003 were inadequate to cover total fixed charges. The coverage deficiencies for the years ended December 31, 2002 through 1999 were (in thousands): $63,192, $6,665,780, $3,082,114 and $287,992, respectively. The coverage deficiency for the six months ended June 30, 2003 was $1,395.
| Six Months | Year | |||||||
| Ended | Ended | |||||||
| June 30, 2004 | December 31, 2003 | |||||||
| Earnings: | ||||||||
| Income from continuing operations before income taxes | $ | 13,020 | $ | 20,745 | ||||
| Add: | ||||||||
| Fixed charges | 13,595 | 21,709 | ||||||
| Pretax net income as adjusted | $ | 26,615 | $ | 42,454 | ||||
| Fixed charges: | ||||||||
| Interest (includes amortization of debt issuance costs) | $ | 9,586 | $ | 15,214 | ||||
| Interest factor in rent expense | 4,009 | 6,495 | ||||||
| Total fixed charges | $ | 13,595 | $ | 21,709 | ||||
| Ratio of earnings to fixed charges | 2.0 | 2.0 | ||||||
