EXHIBIT 12.1
Computation of Ratios of Combined Earnings and
Preferred Stock Dividends to Earnings
(dollars in thousands)
|
| Nine Months |
| Fiscal Year |
| Fiscal Year |
| Fiscal Year |
| Fiscal Year |
| Fiscal Year |
| ||||||
Interest expense (1) |
| $ | 8,177 |
| $ | 10,414 |
| $ | 10,614 |
| $ | 10,612 |
| $ | 10,663 |
| $ | 11,988 |
|
Estimated interest portion of rent expense |
| 74 |
| 91 |
| 110 |
| 120 |
| 101 |
| 51 |
| ||||||
Fixed charges |
| 8,251 |
| 10,505 |
| 10,723 |
| 10,732 |
| 10,764 |
| 12,039 |
| ||||||
Income (loss) before income taxes |
| (1,561 | ) | (1,320 | ) | (4,719 | ) | (3,357 | ) | (8,735 | ) | (7,408 | ) | ||||||
Earnings |
| 6,690 |
| 9,185 |
| 6,004 |
| 7,375 |
| 2,029 |
| 4,631 |
| ||||||
Preferred stock dividend requirements(2) |
| (215 | ) | (215 | ) | (567 | ) | (578 | ) | (1,625 | ) | (2,478 | ) | ||||||
Combined earnings and preferred stock dividends |
| 6,475 |
| 8,970 |
| 5,437 |
| 6,797 |
| 405 |
| 2,153 |
| ||||||
Ratio of combined earnings and preferred stock dividends to fixed charges |
| 0.78 |
| 0.85 |
| 0.51 |
| 0.63 |
| 0.04 |
| 0.18 |
| ||||||
Earnings insufficiency |
| (1,776 | ) | (1,535 | ) | (5,286 | ) | (3,935 | ) | (10,360 | ) | (9,886 | ) | ||||||
(1) Including amortization of deferred financing costs.
(2) After tax.