EX-12.1 5 dex121.htm EXHIBIT 12.1 Exhibit 12.1

Exhibit 12.1

 

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands, except ratios)

 

     Years Ended December 31,

     2003

   2002

   2001 (a)

    2000

   1999

Earnings:

                                   

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

   $ 29,342    $ 13,269    $ (152,691 )   $ 85,148    $ 74,706

Interest expense (net)

     21,128      25,574      32,808       36,075      35,506

Portion of rent expense representative of interest factor

     5,650      4,738      5,687       6,727      6,815

Amortization of capitalized interest

     1,498      1,547      1,586       1,649      1,751
    

  

  


 

  

Adjusted pretax income from continuing operations

   $ 57,618    $ 45,128    $ (112,610 )   $ 129,599    $ 118,778
    

  

  


 

  

Fixed Charges:

                                   

Interest expense (before deducting capitalized interest)

   $ 21,236    $ 25,687    $ 32,829     $ 36,138    $ 35,605

Portion of rent expense representative of interest factor

     5,650      4,738      5,687       6,727      6,815
    

  

  


 

  

Total fixed charges

   $ 26,886    $ 30,425    $ 38,516     $ 42,865    $ 42,420
    

  

  


 

  

Ratio of earnings to fixed charges

     2.1      1.5      N/A       3.0      2.8

 

(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.