EX-12.1 3 ex12-1.txt STATEMENT OF COMPUTATION OF RATIOS 1 EXHIBIT 12.1
HISTORICAL HISTORICAL PRO FORMA -------------------------------------------------- ------------------- ----------------------- SIX SIX TWELVE SIX MONTHS MONTHS MONTHS MONTHS ENDED ENDED ENDED ENDED TWELVE MONTHS ENDED DECEMBER 31, JUNE 30, JUNE 30, DECEMBER 31, JUNE 30, -------------------------------------------------- -------- -------- ------------ -------- 1995 1996 1997 1998 1999 1999 2000 1999 2000 -------- -------- -------- ------- ------- -------- -------- ------------ -------- Income (loss) from continuing operations before income taxes and extraordinary items(a)................... $(19,318) $ 98,276 $196,774 $(6,753) $28,460 $ 9,998 $36,632 $ 7,289 $41,984 Fixed charges: Interest expense(b)........ 26,391 31,997 30,638 42,489 44,904 20,898 29,542 46,217 24,190 Interest factor portion of rentals(c)............... 6,632 7,960 8,695 8,790 9,570 2,744 5, 767 9,570 5,767 -------- -------- -------- ------- ------- ------- ------- ------- ------- Total fixed charges............ 33,023 39,957 39,333 51,279 54,474 23,642 35,309 55,787 29,957 Earnings before income taxes and fixed charges.......... $ 13,705 $138,233 $236,107 $44,526 $82,934 $33,640 $71,941 $63,076 $71,941 ======== ======== ======== ======= ======= ======= ======= ======= ======= Ratio of earnings to fixed charges.................... 0.42(d) 3.46 6.00 0.87(e) 1.52 1.42 2.04 1.13 2.40 ======== ======== ======== ======= ======= ======= ======= ======= =======
--------------- (a) Income (loss) from continuing operations before income taxes and extraordinary items has been adjusted to include only distributed income of less-than-fifty-percent-owned persons. (b) Interest expense consists of interest expense incurred from continuing operations and amortization of debt issuance costs. (c) Interest factor portion of rentals is estimated to be one third of rental expense. (d) In 1995, earnings, as defined, before fixed charges were inadequate to cover fixed charges by $19.3 million. (e) In 1998, earnings, as defined, before fixed charges were inadequate to cover fixed charges by $6.8 million for the twelve months ended December 31, 1998.