EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
For the year Ended December 31,
2000 1999 1998 1997 1996
(dollars in thousands)
Pre-tax (loss) income before
discontinued operations and
extraordinary gains $(12,052) $7,095 $17,878 $10,813 $10,630
Fixed Charges:
Interest expense 3,599 3,706 4,301 4,091 4,123
Capitalized interest 0 130 0 0 0
Interest relating to rental
expense (1) 956 867 438 438 542
------ ------ ------ ------ ------
Total fixed charges 4,555 4,703 4,739 4,529 4,665
Earnings available for fixed
charges $(7,497) $11,798 $22,617 $15,342 $15,295
Ratio of earnings to fixed charges (1.65x) 2.51x 4.77x 3.39x 3.28x
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(1) The representative interest portion of rental expense was deemed to be
one-third of all rental expense.
Earnings were not sufficient to cover fixed charges during the year ended
December 31, 2000 by $12,052,000; all other periods had sufficient income to
cover charges.
PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES
For the Year Ended December 31, 2000
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Presentation One (1) Presentation Two (2) Presentation Three (3)
(dollars in thousands)
Pre-tax (loss) income before
discontinued operations and
extraordinary gains $(10,585) $(11,680) $(12,854)
Fixed Charges:
Interest expense 1,636 2,731 4,235
Capitalized interest 0 0 0
Interest relating to rental
expense (4) 956 956 956
------ ------ ------
Total fixed charges 2,592 3,687 5,191
Earnings available for fixed
charges $(7,993) $(7,993) $(7,663)
Ratio of earnings to fixed
charges (3.08x) (2.17x) (1.48x)
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(1) Presentation One assumes the exchange, as of January 1, 2000, of
$19,500,000 in principal amount of old junior subordinated debentures for
$10,237,500 in cash and $27,559,000 in principal amount of old junior
subordinated debentures for $27,559,000 in principal amount of new senior
subordinated debentures.
(2) Presentation Two assumes the exchange, as of January 1, 2000, of
$10,000,000 in principal amount of old junior subordinated debentures for
$5,250,000 in cash and $37,059,000 in principal amount of old junior
subordinated debentures for $37,059,000 in principal amount of new senior
subordinated debentures.
(3) Presentation Three assumes the exchange, as of January 1, 2000, of
$47,059,000 in principal amount of old junior subordinated debentures for
$47,059,000 in principal amount of new senior subordinated debentures.
(4) The representative interest portion of rental expense was deemed to be
one-third of all rental expense.
Pro forma earnings were not sufficient to cover fixed charges during the year
ended December 31, 2000 by $10,585,000 for Presentation One, $11,680,000 for
Presentation Two and $12,854,000 for Presentation Three.