EX-12.1 5 ex12_1.htm EXHIBIT 12.1

Exhibit 12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ration of earnings to fixed charges for the three months ended March 31, 2005 and the years ended December 31, 2004, 2003, 2002, 2001 and 2000.

(dollar amounts reported in thousands)

		Three Months Ended		Fiscal Years Ended
		March 31, 2005		2004		2003		2002		2001		2000
Pre-tax income from continuing operations	$	1,235	$	5,535	$	5,045	$	5,564	$	4,217	$	5,853
Capitalized interest		-		-		(46)		(63)		(219)		-
Amortization of capitalized interest		2		8		8		7		6		-
Minority interest in pre-tax losses of subsidiaries  which have not incurred fixed charges		21		-		-		-		-		-
Fixed Charges:
Interest expensed		453		1,513		1,897		1,809		1,934		1,529
Interest capitalized		-		-		46		63		219		-
Amortization of deferred financing charges		14		75		114		94		82		88
Estimate of interest within rental expense		23		107		120		133		144		155
Total Fixed Charges	$	490	$	1,695	$	2,177	$	2,099	$	2,379	$	1,772
Earnings	$	1,748	$	7,238	$	7,184	$	7,607	$	6,383	$	7,625
Earnings / Fixed Charges Ratio		3.6		4.3		3.3		3.6		2.7		4.3