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EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
Year Ended December 31, Three Months
Ended March 31,
2001 (1) 2002 2003 2004 2005 2006
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(dollars in thousands)
Fixed charges :
Interest expense (including amortized debt
issuance cost).......................... $ -- $ 839 $ 8,892 $ 23,353 $ 16,296
Capitalized interest....................... 62 1,721 11 3,534 3,643
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Total fixed charges............................ 62 2,560 8,903 26,887 19,939
Add amortization of capitalized interest....... -- -- 82 127 66
Less interest capitalized...................... (62) (1,721) (11) (3,534) (3,643)
Income (loss) before income taxes
and minority interest....................... (1,215) 1,163 24,913 774 10,950
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Total earnings (loss) before fixed charges..... $ (1,215) $ 2,002 $ 33,887 $ 24,254 $ 27,312
Ratio of earning to fixed charges(2)........... * 0.78(3) 3.81 0.90(3) 1.37
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* Our earnings were inadequate to cover fixed charges for the year ended
December 31, 2002. Earnings were $1.3 million less than fixed charges.
(1) There were no fixed charges incurred during 2001. Accordingly, the
computation of the ratio of earnings to fixed charges is not presented.
(2) For the purpose of determining the ratio of earnings to fixed charges,
earnings are defined as pretax income from continuing operations before
adjustment for minority interest in consolidated subsidiary plus fixed
charges and amortization of capitalized interest, less capitalized interest.
Fixed charges consist of interest expense, which includes amortized debt
issuance costs and capitalized interest.
(3) The additional earnings needed to cover fixed charges in 2003 and 2005
were $558,000 and $2.6 million, respectively.