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EXHIBIT 12.1
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
HISTORICAL RATIOS OF EARNINGS TO FIXED CHARGES
Three Months
Ended March 31, Year Ended December 31,
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2003 2002 2002 2001 2000 1999 1998
------- ------- ------- ------- ------- ------- -------
(dollars in thousands)
Earnings:
Income (loss) from continuing operations $ 1,862 $ 776 $ 4,677 $ 990 $ (528) $(2,593) $(2,567)
before income taxes
Fixed charges 1,482 1,420 5,782 2,742 1,817 433 146
------- ------- ------- ------- ------- ------- -------
Total earnings $ 3,344 $ 2,196 $10,459 $ 3,732 $ 1,289 $(2,160) $(2,421)
Fixed charges:
Interest expense, including amortized $ 1,420 $ 1,372 $ 5,564 $ 2,660 $ 1,723 $ 371 $ 98
premiums, discounts and capitalized
expenses related to indebtedness
Interest component of rental expense (1) 62 48 218 82 94 62 48
------- ------- ------- ------- ------- ------- -------
Total fixed charges $ 1,482 $ 1,420 $ 5,782 $ 2,742 $ 1,817 $ 433 $ 146
------- ------- ------- ------- ------- ------- -------
Ratio of historical earnings to fixed charges 2.26x 1.55x 1.81x 1.36x 0.71x -4.99x -16.58x
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PRO FORMA RATIOS OF EARNINGS TO FIXED CHARGES
Three
Months
Ended Year Ended
March 31, December 31,
-------- ----------
2003 2002
-------- ----------
(dollars in thousands)
Earnings:
Income (loss) from continuing operations $ 1,211 $ 13,307
before income taxes
Fixed charges 5,513 21,973
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Total earnings $ 6,724 $ 35,280
Fixed charges:
Interest expense, including amortized $ 5,076 $ 20,384
premiums, discounts and capitalized
expenses related to indebtedness
Interest component of rental expense (1) 437 1,589
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Total fixed charges $ 5,513 $ 21,973
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Ratio of pro forma earnings to fixed charges 1.22x 1.61x
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(1) Represents 25% of rent expense, which management believes is representative
of the interest component.