Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
| Three Months | ||||||||||||||||
| Ended | Year Ended | |||||||||||||||
| March 31, 2006 | 2005 | 2004 | 2003 | |||||||||||||
| Earnings: | ||||||||||||||||
| Loss from continuing operations | $ | (805 | ) | $ | (2,422 | ) | $ | (3,157 | ) | $ | (429 | ) | ||||
| Add: Fixed charges | 3,803 | 10,180 | 2,752 | 1,197 | ||||||||||||
| Less: Capitalized interest | (197 | ) | (479 | ) | — | — | ||||||||||
| Earnings | $ | 2,801 | $ | 7,279 | $ | (405 | ) | $ | 768 | |||||||
| Fixed charges: | ||||||||||||||||
| Interest expense | $ | 3,403 | $ | 9,345 | $ | 2,481 | $ | 1,189 | ||||||||
| Capitalized interest | 197 | 479 | — | — | ||||||||||||
| Amortization of deferred financing fees | 203 | 356 | 271 | 8 | ||||||||||||
| Fixed charges | $ | 3,803 | $ | 10,180 | $ | 2,753 | $ | 1,197 | ||||||||
| Ratio of Earnings to Fixed Charges(1)(2) | — | — | — | — | ||||||||||||
| (1) | The ratios of earnings to fixed charges were computed by dividing earnings by fixed charges. For this purpose, earnings consist of net income from continuing operations plus fixed charges less capitalized interest. Fixed charges consist of interest expense, capitalized interest and amortization of deferred financing fees. | ||
| (2) | The shortfall of earnings to fixed charges for the three months ended March 31, 2006 and for the years ended December 31, 2005, 2004 and 2003 was $1.0 million, $2.9 million, $3.2 million and $0.4 million, respectively. | ||
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