Exhibit 12.1
STATEMENTS RE COMPUTATION OF RATIOS OF EARNINGS
TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| | Year Ended December 31, | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | ||||||||||||||
| Fixed Charges Computation: | ||||||||||||||||||||
| Preferred stock dividend | $ | — | $ | — | $ | 14,382 | $ | 8,563 | $ | 2,344 | $ | 1,490 | ||||||||
Interest expense, including amortization of debt issuance costs, on convertible debt | — | — | — | — | — | 863 | ||||||||||||||
| Total fixed charges and preferred dividends | — | — | 14,382 | 8,563 | 2,344 | 2,353 | ||||||||||||||
Earnings Computation: | ||||||||||||||||||||
| (Loss) profit before equity in income of investee | (114,426 | ) | (1,063,444 | ) | (329,527 | ) | (16,417 | ) | (22,659 | ) | 8,094 | |||||||||
| Add: | ||||||||||||||||||||
| Fixed charges | — | — | 14,382 | 8,563 | 2,344 | 2,353 | ||||||||||||||
| Earnings as adjusted | $ | (114,426 | ) | $ | (1,063,444 | ) | $ | (315,145 | ) | $ | (7,854 | ) | $ | (20,315 | ) | $ | 10,447 | |||
Ratio of earning to fixed charges | N/A | N/A | N/A | N/A | N/A | 12.1 | x | |||||||||||||
Ratio of earning to fixed charges and preferred dividends (a) | N/A | N/A | N/A | N/A | N/A | 4.4 | x | |||||||||||||
- (a)
- For the years ended December 31, 2000, 2001 and 2002 earnings were not sufficient to cover fixed charges plus preferred dividends by approximately $329.5 million, $16.4 million and $22.7 million, respectively.