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EXHIBIT 12
Computation of Ratio of Earnings
to Fixed Charges
<Table>
<Caption>
(Unaudited)
(in thousands, except ratios)
Historical Pro Forma
------------------------------------------------------------------------- ------------------------------------
Six months Six months Six months
ended Year ended ended ended
For the year ended December 31, June 30, December 31, June 30, June 30,
------------------------------------------------------------ ---------- ------------ ---------- ----------
1998 1999 2000 2001 2002 2003 2002 2002 2003
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Net income (loss)
before taxes (49,361) (3,126) 67,260 78,458 (48,118) 60,256 (49,394) (29,569) 61,941
Interest expense 8,323 9,207 9,731 13,196 34,881 29,403 55,580 27,846 28,540
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Earnings (41,038) 6,081 76,991 91,654 (13,237) 89,659 6,186 (1,723) 90,481
========== ========== ========== ========== ========== ========== ========== ========== ==========
Interest Expense 8,323 9,207 9,731 13,196 34,881 29,403 55,580 27,846 28,540
---------- ---------- ----------
Fixed Charges 8,323 9,207 9,731 13,196 34,881 29,403 55,580 27,846 28,540
========== ========== ========== ========== ========== ========== ========== ========== ==========
Ratio of earnings
to fixed charges (1) (1) 7.91 6.95 (1) 3.05 (2) (2) 3.17
========== ========== ========== ========== ========== ========== ========== ========== ==========
</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 $29,569,000 and
$49,394,000 for the pro forma six months ended June 30, 2002 and year
ended December 31, 2002 respectively.