Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ration of earnings to fixed charges for the three months ended March 31, 2005 and the years ended December 31, 2004, 2003, 2002, 2001 and 2000.
(dollar amounts reported in thousands)
Three Months Ended | Fiscal Years Ended | |||||||||||
March 31, 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||
Pre-tax income from continuing operations | $ | 1,235 | $ | 5,535 | $ | 5,045 | $ | 5,564 | $ | 4,217 | $ | 5,853 |
Capitalized interest | - | - | (46) | (63) | (219) | - | ||||||
Amortization of capitalized interest | 2 | 8 | 8 | 7 | 6 | - | ||||||
Minority interest in pre-tax losses of subsidiaries which have not incurred fixed charges | 21 | - | - | - | - | - | ||||||
Fixed Charges: | ||||||||||||
Interest expensed | 453 | 1,513 | 1,897 | 1,809 | 1,934 | 1,529 | ||||||
Interest capitalized | - | - | 46 | 63 | 219 | - | ||||||
Amortization of deferred financing charges | 14 | 75 | 114 | 94 | 82 | 88 | ||||||
Estimate of interest within rental expense | 23 | 107 | 120 | 133 | 144 | 155 | ||||||
Total Fixed Charges | $ | 490 | $ | 1,695 | $ | 2,177 | $ | 2,099 | $ | 2,379 | $ | 1,772 |
Earnings | $ | 1,748 | $ | 7,238 | $ | 7,184 | $ | 7,607 | $ | 6,383 | $ | 7,625 |
Earnings / Fixed Charges Ratio | 3.6 | 4.3 | 3.3 | 3.6 | 2.7 | 4.3 |