10-K: Annual report pursuant to Section 13 and 15(d)
Published on February 17, 2006
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,
|
||||||||||||||||||
|
2001
|
|
|
2002
|
|
|
2003
|
|
|
2004
|
|
2005
|
||||||||
|
(Loss)
income from continuing operations
|
$
|
(22,253
|
)
|
$
|
(4,335
|
)
|
$
|
27,396
|
$
|
10,069
|
$30,151
|
||||||||
|
Interest
expense
|
33,204
|
34,381
|
23,388
|
44,008
|
34,771
|
||||||||||||||
|
Income
before fixed charges
|
$
|
10,951
|
$
|
30,046
|
$
|
50,784
|
$
|
54,077
|
$64,922
|
||||||||||
|
Interest
expense
|
$
|
33,204
|
$
|
34,381
|
$
|
23,388
|
$
|
44,008
|
$34,771
|
||||||||||
|
Total
fixed charges
|
$
|
33,204
|
$
|
34,381
|
$
|
23,388
|
$
|
44,008
|
$34,771
|
||||||||||
|
Earnings
/ fixed charge coverage ratio
|
*
|
*
|
2.2x
|
1.2x
|
1.9x
|
||||||||||||||
* Our
earnings were insufficient to cover fixed charges by $22,253 and $4,335 in
2001
and 2002, 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.