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EXHIBIT 12.1
Statement Concerning Computation of Ratios of Earnings to Fixed Charges
Historical Pro Forma
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Year Ended December 31, Year Ended
1993 1994 1995 1996 1997 December 31, 1997
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Earnings:
Income from continuing operations
before provision for income taxes $ 3,221 $ 4,032 $ 3,058 $ 8,409 $18,984 $15,937
Interest expense 1,426 1,642 3,609 4,759 4,664 7,351
Interest component of rent expense 20 44 87 119 227 227
Amortization of previously capitalized
interest 497 520 520
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Earnings $ 4,667 $ 5,718 $ 6,754 $13,784 $24,395 $24,035
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Fixed Charges:
Interest expense $ 1,426 $ 1,642 $ 3,609 $ 4,759 $ 4,664 $ 7,351
Interest capitalized 516 711 823 823
Interest component of rent expense 20 44 87 119 227 227
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Fixed charges $ 1,446 $ 1,686 $ 4,212 $ 5,589 $ 5,714 $ 8,401
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Ratio of earnings to fixed charges 3.2 3.4 1.6 2.5 4.3 2.9