EXHIBIT 12
Computation of Ratio of Earnings
to Fixed Charges
(Unaudited)
(dollars in thousands, except ratios)
<Table>
<Caption>
Historical
--------------------------------------------------------------------------------
Three months ended
For the year ended December 31, March 31,
--------------------------------------------------------- ------------------
1998 1999 2000 2001 2002 2003
------- ------- ------- ------- ------- ------------------
Net income (loss) before taxes (49,361) (3,126) 67,260 78,458 (48,118) 37,567
Interest expense 8,323 9,207 9,731 13,196 34,881 16,345
------- ------- ------- ------- ------- -------
Earnings (41,038) 6,081 76,991 91,654 (13,237) 53,912
======= ======= ======= ======= ======= =======
Interest Expense 8,323 9,207 9,731 13,196 34,881 16,345
------- ------- ------- ------- ------- -------
Fixed Charges 8,323 9,207 9,731 13,196 34,881 16,345
======= ======= ======= ======= ======= =======
Ratio of earnings to fixed charges (1) (1) 7.91 6.95 (1) 3.30
======= ======= ======= ======= ======= =======
<Caption>
Pro Forma
-------------------------------------------------
Year ended Three months Three months
December 31, ended March 31, ended March 31,
------------ --------------- ---------------
2002 2002 2003
------------ --------------- ---------------
Net income (loss) before taxes (49,394) (34,101) 37,621
Interest expense 55,580 14,112 16,288
------- ------- -------
Earnings 6,186 (19,989) 53,909
======= ======= =======
Interest Expense 55,580 14,112 16,288
------- ------- -------
Fixed Charges 55,580 14,112 16,288
======= ======= =======
Ratio of earnings to fixed charges (2) (2) 3.31
======= ======= =======
</Table>
(1) Earnings were insufficient to cover fixed charges by $49,361,000,
$3,126,000, and $48,118,000 for the years ended December 31, 1998, 1999
and 2002, respectively.
(2) Earnings were insufficient to cover fixed charges by $34,101,000 and
$49,394,000 for the pro forma three months ended March 31, 2002 and
year ended December 31, 2002, respectively.