10-K: Annual report pursuant to Section 13 and 15(d)
Published on February 18, 2005
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 PREFERRED STOCK
DIVIDENDS
|
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
|
|
Preferred
stock dividends
|
16,928
|
19,994
|
20,115
|
20,115
|
15,807
|
|
Total
fixed charges and preferred dividends
|
$59,328
|
$53,198
|
$54,496
|
$43,503
|
$59,815
|
|
Earnings
/ combined fixed
charge
coverage ratio
|
*
|
*
|
*
|
1.3x
|
*
|
* Our
earnings were insufficient to cover combined fixed charges and preferred stock
dividends by $59,711, $36,822, $18,638 and $2,340 in 2000, 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.”