EX-12.1 3 f91358a5exv12w1.txt EXHIBIT 12.1 . . . EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (in thousands, except ratios)
9-MONTHS ENDED YEAR ENDED DECEMBER 31, September 30, 1998 1999 2000 2001 2002 2002 2003 ------- ------ ------- ------ -------- -------- ------ Fixed Charges: Interest expensed and debt cost amortization 592 477 48,102 61,377 55,605 43,526 33,689 Estimate of interest within rental expense -- -- 1,525 4,497 5,117 3,854 5,391 ------- ------ ------- ------ -------- -------- ------ Total Fixed Charges 592 477 49,627 65,874 60,722 47,380 39,080 ======= ====== ======= ====== ======== ======== ====== Earnings: Pre-tax gain (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income/loss from equity investments (30,969) (6,609) 230,372 16,537 (115,150) (125,102) 38,763 Distributed income (loss) of equity investees -- -- -- 4,079 1,316 1,316 -- Fixed charges 592 477 49,627 65,874 60,722 47,380 39,080 ------- ------ ------- ------ -------- -------- ------ Total earnings (loss) for computation of ratio (30,377) (6,132) 279,999 86,490 (53,113) (76,406) 77,843 ======= ====== ======= ====== ======== ======== ====== Ratio of earning to fixed charges (1) -- -- 5.64x 1.31x -- -- 1.99x
(1) - The pre-tax loss from continuing operations for the years ended December 31, 1998, 1999 and 2002 and the nine-month period ended September 30, 2002 are not sufficient to cover fixed charges by a total of approximately $31.0 million in 1998, $6.6 million in 1999, $113.8 million in 2002 and $123.8 million for the nine-month period ended September 30, 2002. As a result, the ratio of earnings to fixed charges has not been computed for any of these periods.