EX-12.1 17 c80925exv12w1.htm STATEMENT RE: COMPUTATION OF RATIOS exv12w1
 

EXHIBIT 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES

                                                             
                                            Nine Months
Ended
Pro Forma
Nine Months
Ended
 
        Year Ended December 31,     September 30,     September 30,  
       
   
   
 
        1998     1999     2000     2001     2002     2003     2003(1)  
       
   
   
   
   
   
   
 
Earnings:
                                                       
 
 
Pre-tax income
  $ 50,989     $ 79,080     $ 73,089     $ 34,382     $ 88,713     $ 41,157     $ 39,245  
 
 
Fixed charges
    26,338       94,277       127,575       118,743       99,324       77,765       79,810  
 
Less: Preferred stock dividends
    (3,234 )     (4,144 )     (4,144 )     (4,144 )     (4,144 )     (3,108 )     (3,108 )
 
Less: Capitalized interest
    (262 )                                    
 
 
 
   
   
   
   
   
   
 
   
Net fixed charges
    22,842       90,133       123,431       114,599       95,180       74,657       76,702  
 
 
 
   
   
   
   
   
   
 
 
Earnings
  $ 73,831     $ 169,213     $ 196,520     $ 148,981     $ 183,893     $ 115,814     $ 115,947  
 
 
 
   
   
   
   
   
   
 
Fixed charges:
                                                       
 
Interest expense
  $ 20,267     $ 81,046     $ 111,929     $ 100,514     $ 83,908     $ 61,627     $ 63,540  
 
Preferred stock dividends
    3,234       4,144       4,144       4,144       4,144       3,108       3,108  
 
Capitalized interest
    262                                        
 
Amortization of debt costs
    865       4,930       6,254       6,689       5,255       3,499       3,631  
 
Interest factor of rental expense
    1,710       4,157       5,248       7,396       6,017       9,531       9,531  
 
 
 
   
   
   
   
   
   
 
 
Total fixed charges
  $ 26,338     $ 94,277     $ 127,575     $ 118,743     $ 99,324     $ 77,765     $ 79,810  
 
 
 
   
   
   
   
   
   
 
Ratio of earnings to fixed charges
    2.8       1.8       1.5       1.3       1.9       1.5       1.5  
 
 
 
   
   
   
   
   
   
 

(1)   The pro forma ratio of earnings to fixed charges for the nine months ended September 30, 2003 shows the effects of this debt offering as though it had occurred on January 1, 2003, including the interest rate swap we entered into concurrent to this offering that qualified as a hedge. This would have increased our interest expense by approximately $2.6 million and our amortization of debt costs by approximately $0.1 million.