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,
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<S> <C> <C> <C> <C> <C> <C>
1995 1996 1997 1998 1999 2000
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) -- -- --
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