EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
The Company Predecessor
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Year ended Year ended Month ended Eleven Months
December 31, December 31, December 31, ended November 31,
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1996 1995/(2)/ 1994 1994
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Income before provision for income taxes $ 149 $ (575) $ (64) $ 231
Add fixed charges
Interest expense including amortization of debt
issuance costs - 133 8 297
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Earnings 149 (442) (56) 528
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Fixed Charges
Interest expense including amortization of debt
issuance costs - 133 8 297
Capitalized interest 2,188 577 - 11
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Total fixed charges $ 2,188 $ 710 $ 8 $ 308
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Ratio of earnings to fixed charges 0.07 (0.62) (7.00) 1.71
Deficiency of Earning to cover fixed charges (2,039) (1,152) (64) 220
(1) December 31, 1991 is unaudited
(2) Amortization of debt issuance costs is $37,000 for year ended December 31,
1995.