10-K/A: Annual report pursuant to Section 13 and 15(d)

Published on December 14, 2006

Exhibit 12.2

RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

The following table sets forth our ratio of earnings to combined fixed charges and preferred stock dividends 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 combined fixed charges and preferred stock dividends by adding net income (loss) from continuing operations to fixed charges and dividing that sum by such fixed charges plus preferred dividends, irrespective of whether or not such dividends were actually paid.

RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND

 

Year Ended December 31,

 

PREFERRED STOCK DIVIDENDS

 

2001

 

2002

 

2003

 

2004

 

2005

 

 

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

(Loss) income from continuing operations

 

$

(21,169

)

$

(2,375

)

$

27,997

 

$

13,477

 

$

32,216

 

Interest expense

 

33,204

 

34,381

 

23,388

 

44,008

 

34,771

 

Income before fixed charges

 

$

12,035

 

$

32,006

 

$

51,385

 

$

57,485

 

$

66,987

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

33,204

 

$

34,381

 

$

23,388

 

$

44,008

 

$

34,771

 

Preferred stock dividends

 

19,994

 

20,115

 

20,115

 

15,807

 

11,385

 

Total fixed charges and preferred dividends

 

$

53,198

 

$

54,496

 

$

43,503

 

$

59,815

 

$

46,156

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings / combined fixed charges and preferred dividends coverage ratio

 

*

 

*

 

1.2

x

*

 

1.5

x


*      Our earnings were insufficient to cover combined fixed charges and preferred stock dividends by $41,163, $22,490 and $2,330 in 2001, 2002 and 2004, respectively.  In addition, our ratio of earnings to combined fixed charges and preferred dividends 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.