EX-12 2 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12

 

Computation of Ratio of Earnings to Fixed Charges

(In thousands)

 

     Twelve Months Ended December 31,

    Six Months
Ended
December 31,


   

Twelve Months Ended

June 30,


 
     2004

   2003

    2002

    2001

    2001

    2001

    2000

 
     (Unaudited)  

Earnings:

                                         

Income from continuing operations before income taxes

   82,563    (33,507 )   (40,423 )   183,370     (19,620 )   240,335     106,547  

Fixed charges, as shown below

   40,598    41,084     50,358     47,952     18,787     62,343     61,670  

Equity in income of investees

   4,317    8,851     9,818     (11,249 )   (796 )   (19,437 )   (1,969 )
    
  

 

 

 

 

 

Adjusted Earnings (Loss)

   127,478    16,428     19,753     220,073     (1,629 )   283,241     66,248  
    
  

 

 

 

 

 

Fixed charges:

                                         

Interest on indebtedness, expensed or capitalized

   31,429    34,451     46,213     43,356     16,564     57,598     55,289  

Interest within rent expense

   9,169    6,633     4,145     4,596     2,223     4,745     6,381  
    
  

 

 

 

 

 

Total Fixed Charges

   40,598    41,084     50,358     47,952     18,787     62,343     61,670  
    
  

 

 

 

 

 

Ratio of Earnings to Fixed Charges

   3.14    (1 )   (2 )   4.59     (3 )   4.54     2.70  
    
  

 

 

 

 

 


(1) The deficiency of earnings to cover fixed charges was $24,656 for the twelve month period ended December 31, 2003.
(2) The deficiency of earnings to cover fixed charges was $30,605 for the twelve month period ended December 31, 2002.
(3) The deficiency of earnings to cover fixed charges was $20,416 for the six month period ended December 31, 2001.