EXHIBIT 12
Computation of Ratio of Earnings
to Fixed Charges
(Unaudited)
(in thousands, except ratios)
<Table>
<Caption>
Historical
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Nine months ended
For the year ended December 31, September 30,
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1998 1999 2000 2001 2002 2003
------- ------- ------- ------- ------- -------
Net income (loss) before taxes (49,361) (3,126) 67,260 78,458 (48,118) 100,922
Interest expense 8,323 9,207 9,731 13,196 34,881 45,001
------- ------- ------- ------- ------- -------
Earnings (41,038) 6,081 76,991 91,654 (13,237) 145,923
======= ======= ======= ======= ======= =======
Interest Expense 8,323 9,207 9,731 13,196 34,881 45,001
------- ------- -------
Fixed Charges 8,323 9,207 9,731 13,196 34,881 45,001
======= ======= ======= ======= ======= =======
Ratio of earnings to fixed charges (1) (1) 7.91 6.95 (1) 3.24
======= ======= ======= ======= ======= =======
<Caption>
Pro Forma
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Year ended Nine months ended Nine months ended
December 31, September 30, September 30,
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2002 2002 2003
------- ------- -------
Net income (loss) before taxes (49,394) (27,504) 102,607
Interest expense 55,580 41,287 44,141
------- ------- -------
Earnings 6,186 13,783 146,748
======= ======= =======
Interest Expense 55,580 41,287 44,141
Fixed Charges 55,580 41,287 44,141
======= ======= =======
Ratio of earnings to fixed charges (2) (2) 3.32
======= ======= =======
</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 $27,504,000 and
$49,394,000 for the pro forma nine months ended September 30, 2002 and year
ended December 31, 2002 respectively.