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Exhibit 12.1
Ratio of Earnings to Fixed Charges(1)
(in thousands, except ratios)
|
Years Ended December 31, |
Three Months Ended March 31, |
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
1997 |
1998 |
1999 |
2000 |
2001 |
2001 |
2002 |
||||||||
Income (loss) before taxes | (15,424 | ) | 21,900 | 45,606 | 69,347 | 161,604 | 33,087 | 45,651 | |||||||
Fixed charges: | |||||||||||||||
Interest expense and amortization of original issue discount on all indebtedness | 917 | 630 | 6,058 | 7,053 | 7,304 | 1,799 | 1,881 | ||||||||
Preferred stock dividends | 696 | | | | | | | ||||||||
Interest included in rent expense | 557 | 600 | 632 | 889 | 1,120 | 266 | 363 | ||||||||
Total fixed charges | 2,170 | 1,230 | 6,690 | 7,942 | 8,424 | 2,065 | 2,244 | ||||||||
Income (loss) before tax provision and fixed charges | (13,254 | ) | 23,130 | 52,296 | 77,289 | 170,028 | 35,152 | 47,895 | |||||||
Ratio of earnings to fixed charges | n/a | 18.8 | 7.82 | 9.73 | 20.18 | 17.02 | 21.34 | ||||||||
- (1)
- The ratio of earnings to fixed charges was computed by dividing earnings (income before taxes, adjusted for fixed charges) by fixed charges for the periods indicated. Fixed charges include (i) interest expense and amortization of original issue discount on all indebtedness, (ii) preferred stock dividends and (iii) a reasonable approximation of the interest factor deemed to be included in rental expense. Earnings were not sufficient to cover fixed charges for the year ended December 31, 1997 by $13.3 million.
Ratio of Earnings to Fixed Charges(1) (in thousands, except ratios)