S-3/A: Registration statement for specified transactions by certain issuers
Published on August 28, 2006
Exhibit
12.2
STATEMENT
REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS
The
ratio
of earnings to combined fixed charges and preferred stock dividends is set
forth
below. 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,
|
For
the Six Months Ended June 30,
|
||||
|
2001
|
2002
|
2003
|
2004
|
2005
|
2006
|
|
|
Unaudited
(in thousands, except ratios)
|
||||||
|
(Loss)
income from continuing operations
|
$(22,253)
|
$(4,335)
|
$27,396
|
$10,069
|
$30,151
|
$18,657
|
|
Interest
expense
|
33,204
|
34,381
|
23,388
|
44,008
|
34,771
|
23,615
|
|
Income
before fixed charges
|
$10,951
|
$30,046
|
$50,784
|
$54,077
|
$64,922
|
$42,272
|
|
Interest
expense
|
$33,204
|
$34,381
|
$23,388
|
$44,008
|
$34,771
|
$23,615
|
|
Preferred
stock dividends
|
19,994
|
20,115
|
20,115
|
15,807
|
11,385
|
4,962
|
|
Total
fixed charges and preferred dividends
|
$53,198
|
$54,496
|
$43,503
|
$59,815
|
$46,156
|
$28,577
|
|
Earnings/combined
fixed charges and preferred dividends coverage ratio
|
*
|
*
|
1.2x
|
*
|
1.4x
|
1.5x
|
___________
|
*
|
Our
earnings were insufficient to cover combined fixed charges and preferred
stock dividends by $42,247, $24,450 and $5,738 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 Statement of Financial Accounting Standards No.
144,
Accounting
for the Impairment and Disposal of Long-Lived
Assets.
|