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EXHIBIT 12
COMPUTATION OF THE RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
YEAR ENDED DECEMBER 31,
-----------------------------------------------------
1995 1996 1997 1998 1999
--------- --------- --------- --------- ---------
EARNINGS
Pre-tax income (loss)......................... $ (4,544) $ (2,389) $ 1,576 $ 6,361 $ 7,798
Add: fixed charges........................... 857 1,194 1,523 1,964 8,504
--------- --------- --------- --------- ---------
Total earnings..................................... $ (3,687) $ (1,195) $ 3,099 $ 8,325 $ 16,302
========= ========= ========= ========= =========
FIXED CHARGES
Interest expense.............................. $ 277 $ 373 $ 428 $ 777 $ 6,195
Rent expense included in fixed charges........ 580 821 1,095 1,169 2,309
--------- --------- --------- --------- ---------
Total fixed charges................................ $ 857 $ 1,194 $ 1,523 $ 1,946 $ 8,504
========= ========= ========= ========= =========
RATIO OF EARNINGS TO FIXED CHARGES................. --* --* 2.0 4.3 1.9
* For the years ended December 31, 1995 and 1996, earnings were insufficient
to cover fixed charges by approximately $2,830 and $1, respectively.