EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges and our
ratio of earnings to combined fixed charges and preferred stock dividend
requirements for the periods indicated:
Year Ended December 31,
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2001 2002 2003 2004 2005
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Ratio of earnings to fixed
charges (1) 28.47x 25.05x 21.20x 16.72x 9.72x
Ration of earnings to combined
fixed charges and preferred
stock dividend requirements (1) 24.07x 24.62x 21.20x 16.72x 9.72x
(1) For this purpose, "earnings" means net income before (a) taxes, (b)
adjustment for minority interest of $1,077,000 in 2003, $1,875,000 in 2004
and $5,809,480 in 2005, (c) interest expense and amortization of debt
issuance costs on all indebtedness, and (d) interest portion of rental
expense. For this purpose, "fixed charges" means interest expense and
amortization of debt issuance costs on all indebtedness, and interest
portion of rental expense.
Effective April 1, 2004, we began recognizing expense for stock-based
compensation using the fair value based method of accounting described in
Statement of Financial Accounting Standards ("SFAS") No. 123, "Accounting for
Stock-Based Compensation," as amended. We have chosen the retroactive
restatement method described in SFAS No. 148, "Accounting for Stock-Based
Compensation - Transition and Disclosure," which amended SFAS No. 123. As a
result, financial information for all prior periods presented above have been
restated to reflect the salaries and employee benefits expense that would have
been recognized had the recognition provisions of SFAS No. 123 been applied from
its original effective date.