Exhibit 12
Computation of
Ratio of Earnings to Fixed Charges
(in thousands)
For the Year Ended | For the Six Months Ended | ||||||||||||||||||
December 31, 2001 | December 31, 2002 | December 31, 2003 | December 31, 2004 | June 30, 2004 | June 30, 2005 | ||||||||||||||
Total Interest Cost | |||||||||||||||||||
Interest Expense | $ | 16,646 | $ | 16,207 | $ | 18,523 | $ | 17,698 | $ | 9,801 | $ | 5,438 | |||||||
Capitalized Interest | 3,075 | 3,867 | 2,734 | 3,004 | 911 | 2,110 | |||||||||||||
Total Interest Cost (fixed charges) | 19,721 | 20,074 | 21,257 | 20,702 | 10,712 | 7,548 | |||||||||||||
Pre-tax Income | 12,756 | 18,786 | 18,048 | (3,803 | ) | 6,768 | 20,576 | ||||||||||||
Interest Expense | 16,646 | 16,207 | 18,523 | 17,698 | 9,801 | 5,438 | |||||||||||||
Earnings | 29,402 | 34,993 | 36,571 | 13,895 | 16,569 | 26,014 | |||||||||||||
Ratio of earnings to fixed charges | 1.49 | 1.74 | 1.72 | 0.67 | 1.55 | 3.45 |
If the Company adjusts its earnings to exclude the impact of loss on the early extinguishment of debt in the amount of $3,029, $22,443 and $1,698 for the 2001, 2004 and 2005 periods reflected above, the ratio of earnings to fixed charges, as so adjusted, would be 1.64x and 1.76x for the years ended December 31, 2001 and 2004, respectively, and 1.55x and 3.67x for the six-month periods ended June 30, 2004 and 2005, respectively.