Exhibit 12
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Quarter Ended
(thousands of dollars) Year Ended September 30, December 31
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1999 2000 2001 2002 2003 2003
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Fixed Charges Computation
Interest expensed and capitalized $ 4,178 $ 3,603 $ 145 $ 417 $ 12,060 $ 2,913
Amortized premiums, discounts, and capitalized
expenses related to indebtedness 2,075 3,034 79 136 3,857 2,588
Reasonable approximation of interest within
rental expense 131 26 20 72 1,139 302
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Total Fixed Charges 6,384 6,663 244 625 17,056 5,803
Preferred equity dividends 466 378 113 - - -
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Total Fixed Charges and Preferred Equity Dividends $ 6,850 $ 7,041 $ 357 $ 625 $ 17,056 $ 5,803
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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 $(28,402) $ 8,642 $ 14,468 $ 40,236 $ 60,081 $ 16,252
Plus
Fixed charges 6,850 7,041 357 625 17,056 5,803
Minus
Interest capitalized - - - - 230 161
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Total Earnings $(21,552) $15,683 $ 14,825 $ 40,861 $ 76,907 $ 21,894
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Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends N/A 2.23 41.53 65.38 4.51 3.77
Dollar amount of Deficiency $(28,402) N/A N/A N/A N/A N/A