Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Three March 31, | 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 | 10,930 | 33,007 | (1,036 | ) | (43,587 | ) | (19,236 | ) | (3,449 | ) | (615 | ) | |||||||
Fixed charges: | |||||||||||||||||||
Interest expense and amortization of debt issuance costs | 248 | 345 | — | — | — | 28 | 14 | ||||||||||||
One-third of rental expense | 125 | 498 | 260 | 233 | 214 | 68 | 52 | ||||||||||||
Total fixed charges | 373 | 843 | 260 | 233 | 214 | 96 | 66 | ||||||||||||
Ratio of Earnings to fixed charges | 29.30 | 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.