Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, | |||||||||||||||||
2003 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||
Earnings: | |||||||||||||||||
Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | 33,007 | (1,036 | ) | (43,587 | ) | (19,236 | ) | (3,449 | ) | (615 | ) | ||||||
Fixed charges: | |||||||||||||||||
Interest expense and amortization of debt issuance costs | 345 | — | — | — | 28 | 14 | |||||||||||
One-third of rental expense | 498 | 260 | 233 | 214 | 68 | 52 | |||||||||||
Total fixed charges | 843 | 260 | 233 | 214 | 96 | 66 | |||||||||||
Ratio of Earnings to fixed charges | 39.15 | — | (a) | — | (a) | — | (a) | — | (a) | — | (a) | ||||||
(a) Earnings during each of the five years ended December 31, 2002 were inadequate to cover fixed charges. The coverage deficiency was approximately $681,000, $3,545,000, $19,450,000, $43,820,000 and $1,296,000 for each of the five years ended December 31, 2002, respectively.