EX-12.1 2 dex121.htm EXHIBIT 12.1 Exhibit 12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(in thousands)

 

     Year Ended December 31,  
      2006     2005     2004     2003     2002  

Earnings:

          

Pre-tax income (loss) from continuing operations

   $ (241,646 )   $ (152,654 )   $ (7,204 )   $ 58,946     $ (27,788 )

Add: Fixed charges

     64,637       60,988       57,542       66,610       74,240  

Less: Minority interest

     1,110       381       452       347       446  

Less: Equity investment

     —         (249 )     (412 )     (2,678 )     (3,225 )
                                        

Total earnings before fixed charges

   $ (178,119 )   $ (91,798 )   $ 50,298     $ 127,887     $ 49,231  
                                        

Fixed charges:

          

Interest expense

   $ 55,907     $ 53,440     $ 50,526     $ 60,733     $ 68,303  

Accretion on debt discount

     1,732       —         —         —         —    

Estimated interest component of rent expense

     6,998       7,548       7,016       5,877       5,937  
                                        

Total fixed charges

   $ 64,637     $ 60,988     $ 57,542     $ 66,610     $ 74,240  
                                        

Shortage

   $ 242,756     $ 152,786     $ 7,244       N/A     $ 25,009  

Ratio of earnings to fixed charges(1)

     <1       <1       <1       1.92       <1  

(1) The ratio of earnings to fixed charges is computed by dividing the sum of pre-tax income from continuing operations (before adjustment for minority interests in consolidated subsidiaries and loss from equity investees) plus fixed charges, by fixed charges. Fixed charges consist of interest charges, whether expensed or capitalized, and that portion of rental expense we believe to be representative of interest.