EX-12.1 4 dex121.htm COMPUTATION OF RATIOS Computation of Ratios

Exhibit 12.1

 

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands, except ratios)

 

      

Three Months Ended March 31,

     

Years Ended December 31,

      

2003

     

1998

   

1999

   

2000

   

2001(a)

     

2002

Earnings:

                                                

Pretax income from continuing operations before discontinued operations and cumulative effect of accounting changes

     

$

(209

)

   

$

97,717

   

$

74,706

   

$

85,148

   

$

(152,691

)

   

$

13,269

Interest expense (net)

     

 

4,802

 

   

 

40,409

   

 

35,506

   

 

36,075

   

 

32,808

 

   

 

25,574

Portion of rent expense representative of interest factor

     

 

1,047

 

   

 

6,243

   

 

6,815

   

 

6,727

   

 

5,687

 

   

 

4,738

Amortization of capitalized interest

     

 

381

 

   

 

1,824

   

 

1,751

   

 

1,649

   

 

1,586

 

   

 

1,547

      
  
  
  
  
  

Adjusted pretax income from continuing operations

     

$

6,021

 

   

$

146,193

   

$

118,778

   

$

129,599

   

$

(112,610

)

   

$

45,128

      
  
  
  
  
  

Fixed Charges:

                                                

Interest expense (before deducting capitalized interest)

     

$

4,805

 

   

$

40,627

   

$

35,605

   

$

36,138

   

$

32,829

 

   

$

25,687

Portion of rent expense representative of interest factor

     

 

1,047

 

   

 

6,243

   

 

6,815

   

 

6,727

   

 

5,687

 

   

 

4,738

      
  
  
  
  
  

Total fixed charges

     

$

5,852

 

   

$

46,870

   

$

42,420

   

$

42,865

   

$

38,516

 

   

$

30,425

      
  
  
  
  
  

Ratio of earnings to fixed charges

     

 

1.0

 

   

 

3.1

   

 

2.8

   

 

3.0

   

 

N/A

 

   

 

1.5

(a)   Due to a loss for the year ended December 31, 2001, the coverage ratio was less than 1:1. The Company needed to generate an additional $151.1 million in earnings to achieve a coverage ratio of 1:1.