EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollar Amounts In Thousands)
2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||
EARNINGS | |||||||||||||||||
Pre-tax income (loss) | $ | (67,746 | ) | $ | (79,157 | ) | $ | (4,416 | ) | $ | 123 | $ | 40,092 | ||||
Fixed charges | 11,205 | 4,611 | 7,832 | 13,024 | 13,109 | ||||||||||||
Total | $ | (56,541 | ) | $ | (74,546 | ) | $ | 3,416 | $ | 13,147 | $ | 53,201 | |||||
FIXED CHARGES | |||||||||||||||||
Interest expense and amortization of | |||||||||||||||||
debt discount and premium on all | |||||||||||||||||
indebtedness | $ | 9,887 | $ | 3,257 | $ | 6,541 | $ | 11,889 | $ | 12,221 | |||||||
Interest portion of rental expense | 1,318 | 1,354 | 1,291 | 1,135 | 888 | ||||||||||||
Total fixed charges | $ | 11,205 | $ | 4,611 | $ | 7,832 | $ | 13,024 | $ | 13,109 | |||||||
Ratio of earnings to fixed | |||||||||||||||||
charges | (A) | (B) | (C) | 1.0x | 4.1x |
(A) | Earnings were insufficient to cover fixed charges by $67.7 million in 2003. |
(B) | Earnings were insufficient to cover fixed charges by $79.2 million in 2002. |
(C) | Earnings were insufficient to cover fixed charges by $4.4 million in 2001. |