Exhibit 12.1
2006 2005 2004 2003 2002 2001
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YTD Historical Historical Historical Historical Historical
RATIO OF EARNINGS TO FIXED CHARGES 27-Nov-05 Year 1 Year 2 Year 3 Year 4 Year 5
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Fixed Charges:
Interest on debt and capitalized leases $ 1,449,000 $ 3,633,000 $ 1,156,000 $ 482,000 $ 669,000 $ 1,646,000
Amortization of debt issuance costs 142,000 298,000 88,000 -- -- --
Interest element of rentals 196,560 265,440 175,560 135,870 143,220 118,020
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Total Fixed Charges $ 1,787,560 $ 4,196,440 $ 1,419,560 $ 617,870 $ 812,220 $ 1,764,020
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Preferred Dividends:
Amount declared $ -- $ -- $ -- $ -- $ -- $ --
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Gross up to pretax based on 50% effective
tax rate -- -- -- -- -- --
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Total Fixed Charges plus Preferred Dividends $ 1,787,560 $ 4,196,440 $ 1,419,560 $ 617,870 $ 812,220 $ 1,764,020
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Earnings:
Consolidated income from continuing operations $11,922,000 $14,017,000 $11,881,000 $13,532,000 $20,218,000 $ 7,492,000
Addback:
Consolidated provision for income taxes
for continuing operations 6,224,000 5,905,000 6,313,000 7,191,000 9,511,000 4,711,000
Fixed charges less interest capitalized 1,787,560 4,196,440 1,419,560 617,870 812,220 1,764,020
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Subtotal Earnings plus Fixed Charges 19,933,560 24,118,440 19,613,560 21,340,870 30,541,220 13,967,020
Total Earnings plus Fixed Charges $19,933,560 $24,118,440 $19,613,560 $21,340,870 $30,541,220 $13,967,020
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Ratio of Earnings to Fixed Charges 11.2 5.7 13.8 34.5 37.6 7.9
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For purposes of the calculation of the Ratio of Earnings to Fixed Charges,
"earnings" consist of pretax income from continuing operations before adjustment
for minority interests in consolidated subsidiaries or income/loss from equity
investees, excluding capitalized interest. "Fixed charges" consist of interest
and amortization of debt expense, including the interest portion of rental
obligations deemed representative of the interest factor which is about 21% of
rent expense.
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