EX-12.1 3 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges
 
Exhibit 12.1
 
Computation of Ratio of Earnings to Fixed Charges
 
   
Year ended December 31,
     
Pro Forma year ended December 31, 2001
    

Nine months
ended
September 30,
   
Pro Forma
Nine months
ended September 30, 2002
   
1997
    
1998
  
1999
  
2000
    
2001
       
2001
    
2002
   
             
(thousands of dollars)
                 
Income (loss) before income taxes and cumulative effect of change in accounting
  
$
(45,592
)
  
$
24,756
  
$
36,120
  
$
(13,694
)
  
$
(11,310
)
   
$
(17,247
)
  
$
(5,296
)
  
$
28,373
   
$
26,654
Plus fixed charges:
                                                                  
Interest expense
  
 
13,422
 
  
 
10,670
  
 
10,562
  
 
13,106
 
  
 
10,433
 
   
 
16,370
 
  
 
8,987
 
  
 
1,745
   
 
3,464
Portion of rent expense representative of interest expense*
  
 
3,795
 
  
 
3,762
  
 
3,805
  
 
4,362
 
  
 
3,847
 
   
 
3,847
 
  
 
2,885
 
  
 
2,943
   
 
2,943
   
 
 
 
 
  
 
 
  
Adjusted earnings
  
 
(28,375
)
  
 
39,188
  
 
50,487
  
 
3,774
 
  
 
2,970
 
   
 
2,970
 
  
 
6,576
 
  
 
33,061
   
 
33,061
Fixed charges
  
 
17,217
 
  
$
14,432
  
$
14,367
  
 
17,468
 
  
 
14,280
 
   
 
20,217
 
  
$
11,872
 
  
$
4,688
   
 
6,407
Ratio of earnings to fixed charges
          
 
2.72
  
 
3.51
                                   
 
7.05
   
 
5.16
           
 
                                  
  
Deficiency of earnings to cover fixed charges
  
$
45,592
 
              
$
13,694
 
  
$
11,310
 
   
$
17,247
 
  
$
5,296
 
             
   
             
 
  
 
            
*
 
One-third of total rental expense.