Exhibit 12.1
Ratio of Earnings to Fixed Charges
For the year ended December 31, | For the three months ended March 31, | |||||||||||||||||||||||||||||
1999 | 2000 | 2001 | 2002 | 2003 | 2003 | 2004 | ||||||||||||||||||||||||
Historical | Pro Forma | |||||||||||||||||||||||||||||
Loss from continuing operations | $ | (17,392 | ) | $ | (42,436 | ) | $ | (16,388 | ) | $ | (23,098 | ) | $ | (67,102 | ) | $ | (58,487 | ) | $ | 1,835 | $ | 962 | ||||||||
Provision (benefit) for income taxes | (6,068 | ) | 31,225 | 1,135 | 1,443 | (99 | ) | (99 | ) | 138 | 39 | |||||||||||||||||||
Total fixed charges | 44,083 | 44,577 | 44,343 | 42,000 | 36,163 | 27,548 | 9,290 | 5,700 | ||||||||||||||||||||||
$ | 20,623 | $ | 33,366 | $ | 29,090 | $ | 20,345 | $ | (31,038 | ) | $ | (31,038 | ) | $ | 11,263 | $ | 6,701 | |||||||||||||
Fixed charges | ||||||||||||||||||||||||||||||
Operating lease expense | $ | 5,051 | $ | 6,447 | $ | 5,583 | $ | 6,463 | $ | 5,353 | $ | 5,353 | $ | 1,472 | $ | 1,448 | ||||||||||||||
Factored at one-third | $ | 1,684 | $ | 2,149 | $ | 1,861 | $ | 2,154 | $ | 1,784 | $ | 1,784 | $ | 491 | $ | 483 | ||||||||||||||
Preferred stock dividends | 1,593 | 1,823 | 2,093 | 5,876 | 4,395 | 4,395 | 2,155 | — | ||||||||||||||||||||||
Interest expense—gross | 40,806 | 40,605 | 40,389 | 33,970 | 29,984 | 21,369 | 6,644 | 5,217 | ||||||||||||||||||||||
Total fixed charges | $ | 44,083 | $ | 44,577 | $ | 44,343 | $ | 42,000 | $ | 36,163 | $ | 27,548 | $ | 9,290 | $ | 5,700 | ||||||||||||||
Ratio of earnings to fixed charges | 0.5x | 0.7x | 0.7x | 0.5x | (0.9 | )x | (1.13 | )x | 1.2x | 1.2x | ||||||||||||||||||||
Deficiency in fixed charge coverage ratio | $ | (23,460 | ) | $ | (11,211 | ) | $ | (15,253 | ) | $ | (21,655 | ) | $ | (67,201 | ) | $ | (58,586 | ) | $ | — | $ | — | ||||||||