EXHIBIT 12 Computation of Ratio of Earnings to Fixed Charges Three months ended Six months ended Year ended December 31, June 30, June 30, ----------------------- -------- -------- 1999 2000 2001 2002 2003 2003 2004 2003 2004 ---- ---- ---- ---- ---- ---- ---- ---- ---- Income (loss) from continuing operations before income taxes and cumulative effect of a change in accounting $ 27,510 $ (41,938) $ (45,178) $ (7,392) $ 9,749 $ (754) $ (1,926) $ (3,805) $ (5,958) Adjustments to income: Add: interest charge 26,610 42,582 45,640 42,306 40,362 9,805 8,093 20,368 16,182 Earnings 54,120 644 462 34,914 50,111 9,051 6,167 16,563 10,224 Interest charge $ 26,610 $ 42,582 $ 45,640 $ 42,306 $ 40,362 $ 9,805 $ 8,093 $ 20,368 $ 16,182 Fixed charges 26,610 42,582 45,640 42,306 40,362 9,805 8,093 20,368 16,182 Preferred stock dividends - 9,662 13,393 15,267 17,769 4,281 7,580 8,423 14,902 Combined fixed charges and preferred stock dividends $ 26,610 $ 52,244 $ 59,033 $ 57,573 $ 58,131 $14,086 $ 15,673 $ 28,791 $ 31,084 Ratio of earnings to fixed charges (1) 2.03x - - - 1.24x - - - - Ratio of earnings to combined fixed charges and preferred stock dividends (2) 2.03x - - - - - - - - (1) Earnings did not cover fixed charges by: $ 41,938 $ 45,178 $ 7,392 $ 754 $ 1,926 $ 3,805 $ 5,958 (2) Earnings did not cover fixed charges and preferred dividends by: $ 51,600 $ 58,571 $ 22,659 $ 8,020 $ 5,035 $ 9,506 $ 12,228 $20,860