EX-12.1 3 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,  
     2007    2006     2005     2004     2003  

Earnings:

           

Pre-tax income (loss) from continuing operations

   $ 229    $ (242,889 )   $ (148,398 )   $ (7,918 )   $ 59,084  

Add: Fixed charges

     69,215      62,905       60,988       57,542       66,610  

Less: Minority interest

     —        1,110       381       452       347  

Less: Equity investment

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

Total earnings before fixed charges

   $ 69,444    $ (181,094 )   $ (87,542 )   $ 49,584     $ 128,025  
                                       

Fixed charges:

           

Interest expense

   $ 61,373    $ 54,175     $ 53,440     $ 50,526     $ 60,733  

Accretion on debt discount

     449      1,732       —         —         —    

Estimated interest component of rent expense

     7,393      6,998       7,548       7,016       5,877  
                                       

Total fixed charges

   $ 69,215    $ 62,905     $ 60,988     $ 57,542     $ 66,610  
                                       

Shortage

     N/A    $ 243,999     $ 148,530     $ 7,958       N/A  

Ratio of earnings to fixed charges(1)

     1.00      <1       <1       <1       1.92  

 

(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.