Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine
Months
Year Ended December 31, Ended
--------------------------------- September
1994 1995 1996 1997 1998 30, 1999
----- ----- ------ ------ ------ ---------
Consolidated pretax income from
continuing operations........... 2,827 4,096 5,932 1,589 59,631 (22,543)
Share of pretax loss of 50%-or-
less-owned affiliate with
guaranteed debt................. 0 0 0 (3,353) (7,227) (866)
Interest......................... 790 3,401 6,539 8,580 6,157 5,691
Interest portion of rental
expense......................... 0 613 223 0 0 0
Net amortization of debt issuance
costs........................... 7 68 160 125 114 311
----- ----- ------ ------ ------ -------
Earnings........................ 3,624 8,178 12,854 6,941 58,675 (17,407)
===== ===== ====== ====== ====== =======
Interest......................... 790 3,401 6,539 8,580 6,157 5,691
Interest portion of rental
expense......................... 0 613 223 0 0 0
Net amortization of debt issuance
costs........................... 7 68 160 125 114 311
Interest expense relating to
guaranteed debt of 50%-or-less-
owned affiliate 0 0 0 231 370 277
----- ----- ------ ------ ------ -------
Fixed Charges................... 797 4,082 6,922 8,936 6,641 6,279
===== ===== ====== ====== ====== =======
Ratio of Earnings to Fixed
Charges(1)..................... 4.5 2.0 1.9 0.8 8.8 -2.8
- --------
(1) Earnings were insufficient to cover fixed charges by approximately $2.0
million for the year ended December 31, 1997, and by approximately $23.7
million for the nine months ended September 30, 1999.