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 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) $ 18,944 $ 60,732 $ 66,226 $ 38,566 $ (1,337) $ (6,860) $ (2,162)
Less: Capitalized interest - - - (17) (966) (237) -
Add: Fixed charges 845 453 576 909 3,870 603 40
Income tax provision 10,656 34,161 37,252 20,858 - - -
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EARNINGS AVAILABLE $ 30,445 $ 95,346 $104,054 $ 60,316 $ 1,567 $ (6,494) $ (2,122)
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FIXED CHARGES:
Interest expense $ 597 $ 306 $ 381 $ 748 $ 2,805 $ 279 $ -
Capitalized interest - - - 17 966 237 -
Rental expense representative of
interest factor 248 147 195 144 99 87 40
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TOTAL FIXED CHARGES $ 845 $ 453 $ 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 $ 845 $ 453 $ 576 $ 909 $ 11,781 $ 7,697 $ 1,366
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RATIO OF EARNINGS TO FIXED CHARGES 36.03 210.48 180.65 66.35 (1) (1) (1)
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RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDENDS 36.03 210.48 180.65 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.