EXHIBIT 12
Calculation of Ratio of Earnings (Losses) to Fixed Charges
(in thousands, except ratios)
The following table sets forth our historical ratio of earnings (losses) to fixed charges for the periods indicated:
Year Ended December 31, | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2000 | 2001 | 2002 | 2003 | 2004 | |||||||||||||
Earnings (losses): | |||||||||||||||||
Income (loss) before provision for (benefit of) income | |||||||||||||||||
taxes, cumulative effect of accounting changes | $ | (7,315 | ) | $ | (30,448 | ) | $ | (120,268 | ) | $ | (316,791 | ) | $ | (25,137 | ) | ||
Add: | |||||||||||||||||
Amortized premiums, discounts and capitalized | |||||||||||||||||
expenses related to debt | 0 | 0 | 0 | 483 | 1,007 | ||||||||||||
Interest expense | 6,453 | 3,783 | 1,312 | 2,367 | 634 | ||||||||||||
Operating lease interest | 10,104 | 13,125 | 11,627 | 12,168 | 10,637 | ||||||||||||
Total earnings (losses) available for fixed charges | $ | 9,242 | $ | (13,540 | ) | $ | (107,329 | ) | $ | (301,773 | ) | $ | (12,859 | ) | |||
Fixed charges | |||||||||||||||||
Interest expense | $ | 6,453 | $ | 3,783 | $ | 1,312 | $ | 2,367 | $ | 634 | |||||||
Amortized premiums, discounts and capitalized | |||||||||||||||||
expenses related to debt | 0 | 0 | 0 | 483 | 1,007 | ||||||||||||
Operating lease interest | 10,104 | 13,125 | 11,627 | 12,168 | 10,637 | ||||||||||||
Total fixed charges | $ | 16,557 | $ | 16,908 | $ | 12,939 | $ | 15,018 | $ | 12,278 | |||||||
Ratio of earnings (losses) to fixed charges | 0.6 | (a) | (a) | (a) | (a) |
(a) | The earnings for the years ended December 31, 2004, 2003, 2002 and 2001 were inadequate to cover total fixed charges. The coverage deficiencies for the years ended December 31, 2004, 2003, 2002 and 2001 were (in thousands): $25,137, $316,791, $120,268 and $30,448, respectively. |