EXHIBIT 12.1
STATEMENTS REGARDING COMPUTATION OF RATIOS
Ratio of Earnings to Fixed Charges
Nine Months Ended | Years Ended December 31 | |||||||||||||||||||||
September 30, 2003 | September 30, 2002 | 2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||
Fixed Charges: | (dollars in thousands) | |||||||||||||||||||||
Interest charges | $ | 15,410 | $ | 23,248 | $ | 28,196 | $ | 21,446 | $ | 6,838 | $ | 6,632 | $ | 8,068 | ||||||||
Interest portion of rent expense | 95 | 64 | 89 | 56 | 15 | 30 | 22 | |||||||||||||||
Total fixed charges | $ | 15,505 | $ | 23,312 | $ | 28,285 | $ | 21,502 | $ | 6,853 | $ | 6,662 | $ | 8,090 | ||||||||
Earnings: | ||||||||||||||||||||||
Earnings | $ | 13,222 | $ | (2,310 | ) | $ | 245 | $ | 1,870 | $ | 15,528 | $ | 7,782 | $ | 4,306 | |||||||
Interest charges | 15,410 | 23,248 | 28,196 | 21,446 | 6,838 | 6,632 | 8,068 | |||||||||||||||
Interest portion of rent expense | 95 | 64 | 89 | 56 | 15 | 30 | 22 | |||||||||||||||
Total earnings | $ | 28,727 | $ | 21,002 | $ | 28,530 | $ | 23,372 | $ | 22,381 | $ | 14,444 | $ | 12,396 | ||||||||
Ratio of earnings to fixed charges | 1.9x | — | 1.0x | 1.1x | 3.3x | 2.2x | 1.5x |
Ratio of Net Debt to Adjusted EBITDA
As of September 30, 2003 | ||||||||
Actual | As Adjusted | |||||||
(dollars in thousands) | ||||||||
Total debt | $ | 279,668 | $ | 281,068 | ||||
Cash and cash equivalents | (269 | ) | (269 | ) | ||||
Net debt | $ | 279,399 | 280,799 | |||||
Net income | $ | 15,706 | $ | 15,706 | ||||
Income tax expense | 71 | 71 | ||||||
Loss on sale of property and equipment | 4 | 4 | ||||||
Interest expense, net | 20,243 | 20,243 | ||||||
Depreciation | 3,357 | 3,357 | ||||||
Noncash employee compensation | 2,173 | 2,173 | ||||||
Adjusted EBITDA | $ | 41,554 | $ | 41,554 | ||||
Ratio of net debt to Adjusted EBITDA | 6.7x | 6.8x |