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Exhibit 12
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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(dollars in thousands)
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1996 1997 1998 1999
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Fixed charges:
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Interest expense on indebtedness $ 6,140 $ 5,976 $ 16,969 $ 33,078
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Accrued dividends on preferred stock 600 600 - -
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Amortization of deferred financing costs 400 401 1,249 2,266
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Interest expense on portion of rent expense
representative of interest 248 337 289 337
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Total fixed charges $ 7,388 $ 7,314 $ 18,507 $ 35,681
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Earnings (Loss):
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Loss from continuing operations
before minority interests $ (61,418) $(24,877) $ (93,606) $ (184,152)
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Add (subtract) adjustments for investments
accounted for under the equity method 17,539 2,755 7,482 3,246
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Fixed charges per above 7,388 7,314 18,507 35,681
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Total loss $ (36,491) $ (14,808) $ (67,617) $ (145,225)
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Ratio of earnings to fixed charges (4.94) (2.02) (3.65) (4.07)
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Coverage deficiency (43,879) (22,122) (86,124) (180,906)
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Exhibit 12
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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(dollars in thousands) Nine Months
ended September
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2000 30, 2001
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Fixed charges:
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Interest expense on indebtedness $ 47,760 $ 33,772
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Accrued dividends on preferred stock - -
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Amortization of deferred financing costs 3,647 2,409
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Interest expense on portion of rent expense
representative of interest 315 236
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Total fixed charges $ 51,722 $ 36,417
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Earnings (Loss):
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Loss from continuing operations
before minority interests $ (207,637) $ (123,898)
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Add (subtract) adjustments for investments
accounted for under the equity method (3,501) 812
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Fixed charges per above 51,722 36,417
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Total loss $ (159,416) $ (86,669)
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Ratio of earnings to fixed charges (3.08) (2.38)
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Coverage deficiency (211,138) (123,086)
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