Exhibit 12.1
Calculation of Ratios of Earnings to Fixed Charges
| Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||||||||||
2004 (Restated) | 2003 (Restated) | 2003 (Restated) | 2002 (Restated) | 2001 | 2000 | 1999 | ||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||||
| (in thousands, except ratios) | ||||||||||||||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES: | ||||||||||||||||||||||||||
(Loss) income before income taxes, discontinued operations and cumulative effect of accounting change | $ | (9,866 | ) | $ | 11,576 | $ | 12,588 | $ | (19,192 | ) | $ | (22,655 | ) | $ | 4,561 | $ | 1,364 | |||||||||
Fixed charges | ||||||||||||||||||||||||||
Interest expense (a) | 17,157 | 6,723 | 9,711 | 15,069 | 2,294 | 2,035 | 2,148 | |||||||||||||||||||
Preferred stock accretion and dividends | 10 | 347 | 448 | 2,374 | — | — | — | |||||||||||||||||||
Interest portion of rent | 1,343 | 972 | 1,439 | 1,078 | 257 | 122 | 142 | |||||||||||||||||||
Total fixed charges | 18,510 | 8,042 | 11,598 | 18,521 | 2,551 | 2,157 | 2,290 | |||||||||||||||||||
Total (loss) earnings | $ | 8,644 | $ | 19,618 | $ | 24,186 | $ | (671 | ) | $ | (20,104 | ) | $ | 6,718 | $ | 3,654 | ||||||||||
Ratio of earnings to fixed charges | 0.5 | x | 2.4x | 2.1x | — | — | 3.1 | x | 1.6 | x | ||||||||||||||||
Ratio of coverage deficiency | — | — | — | (c | ) | (c | ) | — | — | |||||||||||||||||
| (a) | Interest expense includes amortization of deferred financing costs. |
| (b) | Includes approximately one-fourth of the rent expense for each period presented which management believes is a reasonable approximation of the interest component of such rentals. |
| (c) | Due to the loss from operations for the years ended December 31, 2002 and 2001, there were insufficient earnings of $19.2 million and $22.7 million, respectively, to cover fixed charges. |