Exhibit 12
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(thousands of dollars) Year Ended September 30, Nine Months
---------------------------------------------------------- Ended
1998 1999 2000 2001 2002 June 30, 2003
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Fixed Charges Computation
Interest expensed and capitalized $ 2,220 $ 4,178 $ 3,603 $ 145 $ 417 $ 9,518
Amortized premiums, discounts, and capitalized
expenses related to indebtedness 2,046 2,075 3,034 79 136 2,872
Reasonable approximation of interest within
rental expense 47 131 26 20 72 839
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Total Fixed Charges 4,313 6,384 6,663 244 625 13,229
Preferred equity dividends 337 466 378 113 - -
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Total Fixed Charges and Preferred Equity Dividends $ 4,650 $ 6,850 $ 7,041 $ 357 $ 625 $ 13,229
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Earnings Computation
Pre-tax income (loss) from continuing operations
before adjustment for minority interests in
consolidated subsidiaries or income or loss
from equity investees $(10,916) $(28,402) $ 8,642 $ 14,468 $ 40,236 $ 42,335
Plus
Fixed charges 4,650 6,850 7,041 357 625 13,229
Minus
Interest capitalized 1,390 - - - - 118
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Total Earnings $ (7,656) $(21,552) $ 15,683 $ 14,825 $ 40,861 $ 55,446
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Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends N/A N/A 2.23 41.53 65.38 4.19
Dollar amount of Deficiency $(12,306) $(28,402) N/A N/A N/A N/A