Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
(unaudited)
<TABLE>
<CAPTION>
9 Months ended
Years Ended December 31, September 30,
------------ ------------- ---------------- ------------ ------------- -----------------
1995 1996 1997 1998 1999 2000
<S> <C> <C> <C> <C> <C> <C>
Fixed Charges
Interest expense on indebtedness $ 8,086 $ 15,996 $ 14,685 $ 6,857 $ 5,556 $ 10,882
Interest expense on portion of rent
expense representative of interest 498 435 394 340 366 330
Total Fixed Charges $ 8,584 $ 16,431 $ 15,079 $ 7,197 $ 5,922 $ 11,212
Earnings (Loss):
Net income (loss) before provision
for income taxes and minority interest $ 124,128 $(189,389) $(160,544) $ 34,876 $ 84,735 $ 99,617
Fixed charges per above 8,584 16,431 15,079 7,197 5,922 11,212
Total earnings (loss) $ 132,712 $(172,958) $(145,465) $ 42,073 $ 90,657 $ 110,829
Ratio of earnings to fixed charges 15.46 (10.53) (9.65) 5.85 15.31 9.88
Coverage deficiency - $(189,389) $(160,544) - - -
</TABLE>
