Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
| Three March 31, |
Year Ended December 31, |
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| 2003 |
2002 |
2001 |
2000 |
1999 |
1998 |
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| Earnings: |
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| Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees |
10,930 | 33,007 | (1,036 | ) | (43,587 | ) | (19,236 | ) | (3,449 | ) | (615 | ) | |||||||
| Fixed charges: |
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| Interest expense and amortization of debt issuance costs |
248 | 345 | — | — | — | 28 | 14 | ||||||||||||
| One-third of rental expense |
125 | 498 | 260 | 233 | 214 | 68 | 52 | ||||||||||||
| Total fixed charges |
373 | 843 | 260 | 233 | 214 | 96 | 66 | ||||||||||||
| Ratio of Earnings to fixed charges |
29.30 | 39.15 | — | (a) | — | (a) | — | (a) | — | (a) | — | (a) | |||||||
(a) Earnings during each of the five years ended December 31, 2002 were inadequate to cover fixed charges. The coverage deficiency was approximately $681,000, $3,545,000, $19,450,000, $43,820,000 and $1,296,000 for each of the five years ended December 31, 2002, respectively.