10-K: Annual report pursuant to Section 13 and 15(d)
Published on February 18, 2005
Exhibit
12.1
RATIO
OF EARNINGS TO FIXED CHARGES
The
following table sets forth our ratio of earnings to fixed charges on a reported
basis for the periods indicated. Earnings consist of income (loss) from
continuing operations plus fixed charges. Fixed charges consist of interest
expense and amortization of deferred financing costs. We have calculated the
ratio of earnings to fixed charges by adding net income (loss) from continuing
operations to fixed charges and dividing that sum by such fixed
charges.
|
RATIO
OF EARNINGS TO
FIXED
CHARGES
|
Year
Ended December 31,
|
||||
|
2000
|
2001
|
2002
|
2003
|
2004
|
|
|
(Loss)
income from continuing
operations
|
$(42,783)
|
$(16,828)
|
$1,477
|
$32,162
|
$13,467
|
|
Interest
expense
|
42,400
|
33,204
|
34,381
|
23,388
|
44,008
|
|
(Loss)
income before fixed
charges
|
(383)
|
16,376
|
35,858
|
55,550
|
57,475
|
|
Interest
expense
|
$42,400
|
$33,204
|
$34,381
|
$23,388
|
$44,008
|
|
Total
fixed charges
|
$42,400
|
$33,204
|
$34,381
|
$23,388
|
$44,008
|
|
Earnings
/ fixed charge
coverage
ratio
|
*
|
*
|
1.0x
|
2.4x
|
1.3x
|
* Our
earnings were insufficient to cover fixed charges by $42,783 and $16,828 in 2000
and 2001 respectively. In addition, our ratio of earnings to fixed charges has
been revised to reflect the impact of the implementation of the Statement of
Accounting Standard No. 144, “Accounting for the Impairment and Disposal of
Long-Lived Assets.”