EX-12.1 8 dex121.htm STATEMENT REGARDING COMPUTATION STATEMENT REGARDING COMPUTATION

EXHIBIT 12.1 STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Year Ended December 31  
     2003 (1)     2002    2001    2000    1999 (1)  
     (in millions, except ratios)

 

Earnings

                                     

Income (Loss) from Continuing Operations Before Income Tax and Cumulative Effect of Accounting Principle Change

   $ (435.2 )   $ 593.2    $ 753.8    $ 821.2    $ (159.0 )

Fixed Charges

     204.4       178.5      187.7      195.8      154.0  
    


 

  

  

  


Adjusted Earnings

   $ (230.8 )   $ 771.7    $ 941.5    $ 1,017.0    $ (5.0 )
    


 

  

  

  


Fixed Charges

                                     

Interest and Debt Expense

   $ 187.2     $ 162.4    $ 169.6    $ 181.8    $ 137.8  

Amortization of Deferred Debt Costs

     5.4       3.3      7.1      2.4      2.4  

Portion of Rents Deemed Representative of Interest

     11.8       12.8      11.0      11.6      13.8  
    


 

  

  

  


Total Fixed Charges

   $ 204.4     $ 178.5    $ 187.7    $ 195.8    $ 154.0  
    


 

  

  

  


Ratio of Earnings to Fixed Charges

     (1.1 )     4.3      5.0      5.2      —    

 

(1) Earnings were inadequate to cover fixed charges. The coverage deficiency totaled $435.2 million for 2003 and $159.0 million for 1999.