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EXHIBIT 12
Ratio of Earnings to Fixed Charges:
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<CAPTION>
Three Months
Ended Six Months Ended
---------------- -----------------
June June June
30, 30, June 30, 30,
1999 2000 1999 2000
------- ------- -------- -------
(in thousands) (in thousands)
<S> <C> <C> <C> <C>
Net loss................................... $(9,006) $(3,821) $(16,666) $(7,612)
Add fixed charges:
Interest expense including amortization
of debt issuance cost................. 3,301 4,090 7,096 8,118
------- ------- -------- -------
Earnings (loss)............................ $(5,705) $ 269 $ (9,570) $ 506
------- ------- -------- -------
Fixed Charges
Interest expense including amortization
of debt issuance cost................... $ 3,301 $ 4,090 $ 7,096 $ 8,118
Capitalized interest..................... 620 -- 1,647 --
------- ------- -------- -------
Total Fixed Charges........................ $ 3,921 $ 4,090 $ 8,743 $ 8,118
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Ratio of Earnings to Fixed Charges......... -- -- -- --
======= ======= ======== =======
Deficiency of Earnings to Cover Fixed
Charges................................... $ 9,626 $ 3,821 $ 18,313 $ 7,612
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