Exhibit 12.1
Earnings to Fixed Charges Ratio
------------------------------------------------------------------------------------
Three Months Three Months Year ended Year ended
Ended March 31, 2003 Ended March 31, 2002 December 31, 2002 December 31, 2001
------------------------------------------------------------------------------------
Part I - Earnings
Pretax income 22,118 31,653 (22,990) 22,813
Add:
Fixed Charges
Interest expense - not income 2,680 1,137 7,099 6,930
Amortization of debt issue costs
and discount or premium relating to
indebtedness 528 25 1,042 106
Interest portion of rental expense 97 68 272 247
Preferred stock dividends 0
Fixed Charges reduced by:
Interest capitalized during the period 781 524 2,726 1,657
Preferred stock dividends 0
Amortization related to capitalized interest 0
--------------------------------------------------------------------------------
24,642 32,359 (17,303) 28,439
================================================================================
Part II - Fixed Charges
Interest Expense - not income 2,680 1,137 7,099 6,930
Amortization of debt issue costs
and discount or premium relating to
indebtedness 528 25 1,042 106
Interest portion of rental expense 97 68 272 247
Preferred stock dividends - - - 0
--------------------------------------------------------------------------------
3,305 1,230 8,413 7,283
================================================================================
Fixed charge coverage 7.46 26.31 (2.06) 3.90
================================================================================
Earnings to Fixed Charges Ratio
---------------------------------------------------------------------------
Year Ended Year ended 5 months ended Year ended
December 31, 2000 December 31, 1999 December 31, 1998 July 31, 1998
---------------------------------------------------------------------------
Part I - Earnings
Pretax income 1,553 2,773 (4,408) (8,610)
Add:
Fixed Charges
Interest expense - not income 3,263 2,009 1,426 2,007
Amortization of debt issue costs
and discount or premium relating to
indebtedness 3 0 0 0
Interest portion of rental expense 223 57 1 3
Preferred stock dividends 0 0 0 0
Fixed Charges reduced by:
Interest capitalized during the period 0 343 190 608
Preferred stock dividends 0 0 0 0
Amortization related to capitalized interes 0 0 0 0
---------------------------------------------------------------------------
5,042 4,496 (3,171) (7,208)
===========================================================================
Part II - Fixed Charges
Interest Expense - not income 3,263 2,009 1,426 2,007
Amortization of debt issue costs
and discount or premium relating to
indebtedness 3 0 0 0
Interest portion of rental expense 223 57 1 3
Preferred stock dividends 0 0 0 0
---------------------------------------------------------------------------
3,489 2,066 1,427 2,010
===========================================================================
Fixed charge coverage 1.45 2.18 (2.22) (3.59)
===========================================================================