Exhibit 12.1
Calculation of Ratios of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Dividends
(In Thousands, Except Ratios)
Three Months Ended March
31, Year Ended December 31,
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2002 2001 2001 2000 1999 1998 1997
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EARNINGS AVAILABLE FOR FIXED CHARGES:
Net income (loss) $ 5,576 $ 28,148 $ 66,226 $ 38,566 $ (1,337) $ (6,860) $ (2,162)
Less: Capitalized interest - - - (17) (966) (237) -
Add: Fixed charges 342 202 576 909 3,870 603 40
Income tax provision 3,137 15,833 37,252 20,858 - - -
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EARNINGS AVAILABLE $ 9,055 $ 44,183 $ 104,054 $ 60,316 $ 1,567 $ (6,494) $ (2,122)
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FIXED CHARGES:
Interest expense $ 294 $ 156 $ 381 $ 748 $ 2,805 $ 279 $ -
Capitalized interest - - - 17 966 237 -
Rental expense representative of
interest factor 48 46 195 144 99 87 40
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TOTAL FIXED CHARGES $ 342 $ 202 $ 576 $ 909 $ 3,870 $ 603 $ 40
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Preferred dividends on a pre-tax $ - $ - - $ - $ 7,911 $ 7,094 $ 1,326
basis ------- ---------- --------- --------- --------- -------- --------
TOTAL FIXED CHARGES AND PREFERRED $ 342 $ 202 $ 576 $ 909 $ 11,781 $ 7,697 $ 1,366
DIVIDENDS ======= ========== ======== ======== ======== ======== ========
RATIO OF EARNINGS TO FIXED CHARGES 26.48 218.73 180.65 66.35 (1) (1) (1)
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RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDENDS 26.48 218.73 180.65 66.35 (2) (2) (2)
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(1) Earnings were inadequate to cover fixed charges by $2.3 million, $7.1
million and $2.2 million for the years ended December 31, 1999, 1998 and
1997, respectively.
(2) Earnings were inadequate to cover fixed charges and preferred dividends by
$10.2 million, $14.2 million and $3.5 million for the years ended December
31, 1999, 1998 and 1997, respectively.