S-3: Registration statement for specified transactions by certain issuers
Published on July 26, 2004
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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. The ratio of earnings to combined fixed charges and preferred stock dividends was calculated in the same manner as 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), except that accrued preferred stock dividends were included for each of the periods shown irrespective of whether or not such dividends were actually paid.
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Year Ended December 31, |
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For the Three Months Ended March 31, 2004 |
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1999 |
2000 |
2001 |
2002 |
2003 |
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Unaudited (in thousands except ratios) |
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| RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | |||||||||||||||||||
| Interest expense | $ | 42,947 | $ | 42,400 | $ | 33,204 | $ | 27,381 | $ | 23,388 | $ | 24,253 | |||||||
| Preferred dividends | 9,631 | 16,928 | 19,994 | 20,115 | 20,115 | 4,687 | |||||||||||||
| Preferred stock conversion charge | | | | | | 38,743 | |||||||||||||
| Total fixed charges and preferred dividends | $ | 52,578 | $ | 59,328 | $ | 53,198 | $ | 47,496 | $ | 43,503 | $ | 67,683 | |||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends | 1.2x | * | * | * | 1.1x | * | |||||||||||||
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- Our earnings were insufficient to cover combined fixed charges and preferred stock dividends by $60,178, $35,582, $23,859 and $53,375 in 2000, 2001, 2002 and the three months ended March 31, 2004, respectively.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS