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STATEMENT REGARDING CALCULATION OF RATIOS
| Years Ended December 31, | | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six months ended June 30, 2005 | |||||||||||||||||||
| 2000 | 2001 | 2002 | 2003 | 2004 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) before income taxes | $ | 652 | $ | 2,659 | $ | (14,512 | ) | $ | (129,741 | ) | $ | (53,161 | ) | $ | (87,230 | ) | ||||
Add: fixed charges | 8,915 | 10,190 | 10,370 | 13,176 | 10,083 | 7,396 | ||||||||||||||
Less: capitalized interest | — | — | (531 | ) | (2,245 | ) | (3,786 | ) | (1,815 | ) | ||||||||||
Earnings | $ | 9,567 | $ | 12,849 | $ | (4,673 | ) | $ | (118,810 | ) | $ | (46,864 | ) | $ | (81,649 | ) | ||||
Fixed Charges: | ||||||||||||||||||||
Interest expensed and capitalized | $ | 8,593 | $ | 9,709 | $ | 9,677 | $ | 12,015 | $ | 8,814 | $ | 6,666 | ||||||||
Estimated interest portion of rent expense | 322 | 481 | 693 | 1,161 | 1,269 | 730 | ||||||||||||||
Fixed charges | $ | 8,915 | $ | 10,190 | $ | 10,370 | $ | 13,176 | $ | 10,083 | $ | 7,396 | ||||||||
Ratio of earnings to fixed charges(1) | 1.07 | 1.26 | N/A | N/A | N/A | N/A | ||||||||||||||
Earnings insufficiency | $ | (15,043 | ) | $ | (131,986 | ) | $ | (56,947 | ) | $ | (89,045 | ) |
- (1)
- Loss before income taxes for the years ended December 31, 2002, 2003 and 2004 and the six months ended June 30, 2005 was not sufficient to cover fixed charges by a total of approximately $15.0 million in 2002, $132.0 million in 2003, $57.0 million in 2004 and $89.0 million in the six months ended June 30, 2005. As a result, the ratio of earnings to fixed charges has not been computed for any of these periods.
STATEMENT REGARDING CALCULATION OF RATIOS