Form: POS AM

Post-effective amendment to a registration statement that is not immediately effective upon filing

September 8, 2006

POS AM: Post-effective amendment to a registration statement that is not immediately effective upon filing

Published on September 8, 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.