Exhibit 12.1
Calculation of Ratios of Earnings to Fixed Charges and Combined Fixed
Charges and Preferred Dividends
(In Thousands, Except Ratios)
Six Months Ended
June 30, 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) .............. $11,798 $49,929 $ 66,226 $ 38,566 $ (1,337) $(6,860) $(2,162)
Less: Capitalized interest ..... -- -- -- (17) (966) (237) --
Add: Fixed charges ............. 596 362 576 909 3,870 603 40
Income tax provision ........... 6,636 28,085 37,252 20,858 -- -- --
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EARNINGS AVAILABLE .................. $19,030 $78,376 $104,054 $ 60,316 $ 1,567 $(6,494) $(2,122)
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FIXED CHARGES:
Interest expense ............... $ 449 $ 258 $ 381 $ 748 $ 2,805 $ 279 $ --
Capitalized interest ........... -- -- -- 17 966 237 --
Rental expense representative of
interest factor .............. 147 104 195 144 99 87 40
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TOTAL FIXED CHARGES ................. $ 596 $ 362 $ 576 $ 909 $ 3,870 $ 603 $ 40
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Preferred dividends on a
pre-tax basis ................ $ -- $ -- $ -- $ -- $ 7,911 $ 7,094 $ 1,326
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TOTAL FIXED CHARGES AND PREFERRED
DIVIDENDS......................... $ 596 $ 362 $ 576 $ 909 $ 11,781 $ 7,697 $ 1,366
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RATIO OF EARNINGS TO FIXED CHARGES... 31.93 216.51 180.65 66.35 (1) (1) (1)
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RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDENDS .......... 31.93 216.51 180.65 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.