Exhibit 12.1
Calculation of Ratios of Earnings to Fixed Charges and Combined Fixed Charges
and Preferred Dividends
(In thousands, except ratios)
Nine
Months
Ended
September
Year Ended December 31, 30,
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1997 1998 1999 2000 2001
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EARNINGS AVAILABLE FOR
FIXED CHARGES:
Net Income $ (2,162) $ (6,860) $ (1,337) $ 38,566 $ 60,732
Less: Capitalized interest - (237) (966) (17) -
Add: Fixed charges 40 603 3,870 909 453
Income tax provision - - - 20,858 34,161
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EARNINGS AVAILABLE $ (2,122) $ (6,494) $ 1,567 $ 60,316 $ 95,346
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FIXED CHARGES:
Interest expense $ - $ 279 $ 2,805 $ 748 $ 306
Capitalized interest - 237 966 17 -
Rental expense representative of interest factor 40 87 99 144 147
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TOTAL FIXED CHARGES $ 40 $ 603 $ 3,870 $ 909 $ 453
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Preferred dividends on a pre-tax basis $ 1,326 $ 7,094 $ 7,911 $ - $ -
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TOTAL FIXED CHARGES AND PREFERRED DIVIDENDS $ 1,366 $ 7,697 $ 11,781 $ 909 $ 453
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RATIO OF EARNINGS TO FIXED CHARGES (1) (1) (1) 66.35 210.48
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RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED
DIVIDENDS (2) (2) (2) 66.35 210.48
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(1) Earnings were inadequate to cover fixed charges by $2.2 million, $7.1
million and $2.3 million for the years ended December 31, 1997, 1998 and
1999, respectively.
(2) Earnings were inadequate to cover fixed charges and preferred dividends by
$3.5 million, $14.2 million and $10.2 million for the years ended December
31, 1997, 1998 and 1999, respectively.