EXHIBIT 12
Calculation of Ratios of Earnings to Fixed Charges
(in thousands, except ratios)
The following table sets forth our historical ratios of earnings to fixed charges for the periods indicated:
Year Ended December 31, | Year Ended December 31, | Nine Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1998 | 1999 | 2000 | 2001 | 2002 | September 30, 2003 | |||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||
Earnings (losses): | ||||||||||||||||||||
Income (loss) before provision for (benefit | ||||||||||||||||||||
of) income taxes, cumulative effect of | ||||||||||||||||||||
accounting changes | $ | 19,750 | $ | (26,368 | ) | $ | (7,315 | ) | $ | (30,448 | ) | $ | (120,268 | ) | $ | (279,458 | ) | |||
Add: | ||||||||||||||||||||
Interest expense | 7,241 | 9,998 | 6,453 | 3,783 | 1,312 | 2,330 | ||||||||||||||
Operating lease interest | 6,215 | 8,183 | 10,104 | 13,125 | 11,627 | 9,213 | ||||||||||||||
Total earnings (losses) available for fixed | ||||||||||||||||||||
charges | $ | 33,206 | $ | (8,187 | ) | $ | 9,242 | $ | (13,540 | ) | $ | (107,329 | ) | $ | (267,915 | ) | ||||
Fixed charges | ||||||||||||||||||||
Interest expense | $ | 7,241 | $ | 9,998 | $ | 6,453 | $ | 3,783 | $ | 1,312 | $ | 2,330 | ||||||||
Operating lease interest | 6,215 | 8,183 | 10,104 | 13,125 | 11,627 | 9,213 | ||||||||||||||
Total fixed charges | $ | 13,456 | $ | 18,181 | $ | 16,557 | $ | 16,908 | $ | 12,939 | $ | 11,543 | ||||||||
Ratios of earnings to fixed charges (a) | 2.5 | -- | 0.6 | -- | -- | -- |
(a) | The earnings for the years ended December 31, 1999, 2000, 2001 and 2002 and for the nine months ended September 30, 2003 were inadequate to cover total fixed charges. The coverage deficiencies for the years ended December 31, 1999, 2000, 2001 and 2002 were (in thousands): $26,368, $7,315, $30,448 and $120,268, respectively. The coverage deficiency for the nine months ended September 30, 2003 was $279,458. |