EXHIBIT 12
Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Our ratio of earnings to fixed charges is computed by dividing earnings by
fixed charges. For the purpose of computing the ratio of earnings to fixed
charges, earnings consist of income before extraordinary items, income taxes and
minority interest plus fixed charges, excluding capitalized interest. Fixed
charges consist of interest costs, whether expensed or capitalized, the interest
component of rental expense, amortization of debt costs, discounts and issue
costs, whether expensed or capitalized, and preferred stock dividends. The
following table sets forth our ratios of earnings to fixed charges for the
periods shown:
JULY 15, 1998
YEARS ENDED DECEMBER 31, (INCEPTION)
------------------------- TO DECEMBER 31,
2001 2000 1999 1998
------- ------- ------- ---------------
Pretax income $11,206 $ 8,385 $ 9,791 $3,275
Fixed charges:
Interest expense 2,772 2,441 2,418 836
Amortization of debt costs 9 - - -
Rent expense representing
an interest factor - - - -
Preferred stock dividends - - - -
------- ------- ------- ------
Earnings available for fixed
charges $13,987 $10,826 $12,209 $4,111
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Fixed charges:
Interest expense $ 2,772 $ 2,441 $ 2,418 $ 836
Capitalized interest - - - -
Amortization of debt costs 9 - - -
Rent expense representing
an interest factor - - - -
Preferred stock dividends - - - -
------- ------- ------- ------
$ 2,781 $ 2,441 $ 2,418 $ 836
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RATIO OF EARNINGS TO
COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS 5.03x 4.44x 5.05x 4.92x
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