Earnings to Fixed Charges Ratio
Nine Months Nine Months
Ended September 30, 2003 Ended September 30, 2002
----------------------------------------------------------
Part I - Earnings
Pretax income (2,159) 16,985
Add:
Fixed Charges
Interest expense - not income 10,435 3,456
Amortization of debt issue costs
and discount or premium relating to
indebtedness 1,189 607
Interest portion of rental expense 291 204
Preferred stock dividends 0 0
Fixed Charges reduced by:
Interest capitalized during the period 4,387 1,715
Preferred stock dividends 0 0
Amortization related to capitalized interest 0 0
----------------------------------------------------------
5,369 19,537
==========================================================
Part II - Fixed Charges
Interest Expense - not income 10,435 3,456
Amortization of debt issue costs
and discount or premium relating to
indebtedness 1,189 607
Interest portion of rental expense 291 204
Preferred stock dividends - -
----------------------------------------------------------
11,915 4,267
==========================================================
Fixed charge coverage 0.45 4.58
==========================================================
Earnings to Fixed Charges Ratio
=========================
Year ended
December 31, 2002
-------------------------
Part I - Earnings
Pretax income (22,990)
Add:
Fixed Charges
Interest expense - not income 7,099
Amortization of debt issue costs
and discount or premium relating to
indebtedness 1,042
Interest portion of rental expense 272
Preferred stock dividends
Fixed Charges reduced by:
Interest capitalized during the period 2,726
Preferred stock dividends
Amortization related to capitalized interest
-------------------------
(17,303)
=========================
Part II - Fixed Charges
Interest Expense - not income 7,099
Amortization of debt issue costs
and discount or premium relating to
indebtedness 1,042
Interest portion of rental expense 272
Preferred stock dividends -
-------------------------
8,413
=========================
Fixed charge coverage (2.06)
=========================
Earnings to Fixed Charges Ratio
===========================================================================
Year Ended Year Ended Year ended
December 31, 2001 December 31, 2000 December 31, 1999
---------------------------------------------------------------------------
Part I - Earnings
Pretax income 22,813 1,553 2,773
Add:
Fixed Charges
Interest expense - not income 6,930 3,263 2,009
Amortization of debt issue costs
and discount or premium relating to
indebtedness 106 3 0
Interest portion of rental expense 247 223 57
Preferred stock dividends 0 0 0
Fixed Charges reduced by:
Interest capitalized during the period 1,657 0 343
Preferred stock dividends 0 0 0
Amortization related to capitalized interest 0 0 0
---------------------------------------------------------------------------
28,439 5,042 4,496
===========================================================================
Part II - Fixed Charges
Interest Expense - not income 6,930 3,263 2,009
Amortization of debt issue costs
and discount or premium relating to
indebtedness 106 3 0
Interest portion of rental expense 247 223 57
Preferred stock dividends 0 0 0
-------------------------------------------------------------------------
7,283 3,489 2,066
=========================================================================
Fixed charge coverage 3.90 1.45 2.18
=========================================================================
Earnings to Fixed Charges Ratio
===========================================
5 Months Ended Year Ended
December 31, 1998 July 31, 1998
-------------------------------------------
Part I - Earnings
Pretax income (4,408) (8,610)
Add:
Fixed Charges
Interest expense - not income 1,426 2,007
Amortization of debt issue costs
and discount or premium relating to
indebtedness 0 0
Interest portion of rental expense 1 3
Preferred stock dividends 0 0
Fixed Charges reduced by:
Interest capitalized during the period 190 608
Preferred stock dividends 0 0
Amortization related to capitalized interest 0 0
-------------------------------------------
(3,171) (7,208)
===========================================
Part II - Fixed Charges
Interest Expense - not income 1,426 2,007
Amortization of debt issue costs
and discount or premium relating to
indebtedness 0 0
Interest portion of rental expense 1 3
Preferred stock dividends 0 0
-----------------------------------------
1,427 2,010
=========================================
Fixed charge coverage (2.22) (3.59)
=========================================