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Exhibit 12.1
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND CONVERTIBLE PREFERRED STOCK DIVIDENDS
In thousands
Nine months Nine months
ended ended
1999 2000 2001 2002 2003 2003 30-Sep-04 30-Sep-04
Actual Pro Forma Actual Pro Forma
------- ------- ------- ------- ------- ------- ------- -------
Consolidated pretax income (loss)
from continuing operations 18,371 20,873 (31,580) (13,036) (62,144) (44,786) (33,278) 214
Interest expense 29,947 34,027 40,084 43,595 53,843 36,870 41,279 36,870
interest portion of rental expense 492 765 633 595 738 738 524 524
------- ------- ------- ------- ------- ------- ------- -------
Earnings 48,810 55,665 9,137 31,154 (7,563) (7,178) 8,525 37,608
Interest expense 29,947 34,027 40,084 43,595 53,843 36,870 41,279 36,870
interest portion of rental expense 492 765 633 595 738 738 524 524
------- ------- ------- ------- ------- ------- ------- -------
Fixed Charges 30,439 34,792 40,717 44,190 54,581 37,608 41,803 37,394
RATIO OF EARNINGS TO FIXED CHARGES 1.60 1.60 (1) (2) (3) (4) (5) 1.01
(1) For the year ended December 31, 2001, earnings were inadequate to cover
fixed charges. We would need an additional $31,580,000 of earnings in order to
cover our fixed charges.
(2) For the year ended December 31, 2002, earnings were inadequate to cover
fixed charges. We would need an additional $13,036,000 of earnings in order to
cover our fixed charges.
(3) For the year ended December 31, 2003, earnings were inadequate to cover
fixed charges. We would need an additional $62,144,000 of earnings in order to
cover our fixed charges.
(4) For the pro-forma year ended December 31, 2003, pro-forma earnings were
inadequate to cover fixed charges. We would need an additional $44,786,000 of
pro-forma earnings in order to cover our fixed charges.
(5) For the nine months ended September 30, 2004, earnings were inadequate to
cover fixed charges. We would need an additional $33,278,000 of earnings in
order to cover our fixed charges.