Exhibit 12.1
Calculation of Ratios of Earnings to Fixed Charges
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2004 | 2003 (Restated) | 2003 (Restated) | 2002 (Restated) | 2001 | 2000 | 1999 | ||||||||||||||||||||||
(in thousands, except ratios) | ||||||||||||||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES: | ||||||||||||||||||||||||||||
(Loss) income before income taxes, discontinued operations and cumulative effect of accounting change | $ | (2,657 | ) | $ | 3,149 | $ | 13,438 | $ | (19,192 | ) | $ | (22,655 | ) | $ | 4,561 | $ | 1,364 | |||||||||||
Fixed charges | ||||||||||||||||||||||||||||
Interest expense (a) | 7,770 | 2,371 | 9,711 | 15,069 | 2,294 | 2,035 | 2,148 | |||||||||||||||||||||
Preferred stock accretion and dividends | 10 | 136 | 448 | 2,374 | — | — | — | |||||||||||||||||||||
Interest portion of rent | 426 | 287 | 1,439 | 1,078 | 257 | 122 | 142 | |||||||||||||||||||||
Total fixed charges | 8,206 | 2,794 | 11,598 | 18,521 | 2,551 | 2,157 | 2,290 | |||||||||||||||||||||
Total (loss) earnings | $ | 5,549 | $ | 5,943 | $ | 25,036 | $ | (671 | ) | $ | (20,104 | ) | $ | 6,718 | $ | 3,654 | ||||||||||||
Ratio of earnings to fixed charges | 0.7 | x | 2.1 | x | 2.2 | x | — | — | 3.1 | x | 1.6 | x | ||||||||||||||||
Ratio of coverage deficiency | — | — | — | (c | ) | (c | ) | — | — |
(a) | Interest expense includes amortization of deferred financing costs. |
(b) | Includes approximately one-fourth of the rent expense for each period presented which management believes is a reasonable approximation of the interest component of such rentals. |
(c) | Due to the loss from operations for the years ended December 31, 2002 and 2001, there were insufficient earnings of $19.2 million and $22.7 million, respectively, to cover fixed charges. |