1
Exhibit 12.1
Calculation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
SIX MONTHS
ENDED JUNE 30,
1994 1995 1996 1997 1998 1999
-------- -------- -------- -------- -------- --------------
EARNINGS
Earnings (Loss) before income taxes $ (313) $ 1,055 $ 5,508 $ 12,637 $(45,854) $ 1,056
Total interest expense (1) 624 2,182 4,898 8,599 10,577 6,306
-------- -------- -------- -------- -------- --------
PRETAX EARNINGS (LOSS) PLUS INTEREST EXPENSE $ 311 $ 3,237 $ 10,406 $ 21,236 $(35,277) $ 7,362
======== ======== ======== ======== ======== ========
FIXED CHARGES
Interest expense $ 624 $ 1,794 $ 313 $ 1,957 $ 1,925 $ 2,471
Interest capitalized -- -- 350 2,407 4,441 1,735
-------- -------- -------- -------- -------- --------
FIXED CHARGES $ 624 $ 1,794 $ 663 $ 4,364 $ 6,366 $ 4,206
Preferred stock dividend requirement (2) -- 388 4,235 4,235 4,211 2,100
-------- -------- -------- -------- -------- --------
COMBINED FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS $ 624 $ 2,182 $ 4,898 $ 8,599 $ 10,577 $ 6,306
======== ======== ======== ======== ======== ========
RATIOS
Ratio of earnings to fixed charges (3) -- 1.6 8.8 3.3 -- --
Ratio of earnings to combined fixed charges
and preferred dividends (4) -- 1.3 1.2 1.7 -- --
(1) Total interest expense includes, if any, an interest component of rental
expense and amortization of debt issuance cost.
(2) Preferred stock dividends represent the pretax earnings from continuing
operations that would be required to cover dividends on the Company's
preferred stock.
(3) Earnings did not cover fixed charges by $679,000 through the second
quarter of 1999, $50.3 million in 1998 and $313,000 in 1994.
(4) Earnings did not cover combined fixed charges and preferred stock
dividends by $2.7 million through the second quarter of 1999 and $54.5
million in 1998 and $313,000 in 1994.