EX-12.1 4 a2076352zex-12_1.txt EXHIBIT 12.1 EXHIBIT 12.1 COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO CONSOLIDATED FIXED CHARGES
PROFORMA FOR YEAR ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, --------------------------------------------------------------------- ------------ (IN THOUSANDS EXCEPT RATIOS) 2001 2000 1999 1998 1997 2001 --------- --------- --------- --------- --------- ------------ EARNINGS: Income (loss) before income taxes and minority interests $(166,392) $ (26,954) $ 36,202 $ 37,375 $ 39,085 $ (133,305) Minority interests on preferred securities of subsidiary trusts (6,827) (6,601) (6,601) (3,114) (2,641) (28,163) Cash distributions from consolidated subsidiaries 26,748 30,326 11,844 10,517 11,874 26,748 Fixed charges as below 97,192 83,808 59,755 38,981 34,117 191,852 --------- --------- --------- --------- --------- ----------- Total $ (49,279) $ 80,579 $ 101,200 $ 83,759 $ 82,435 $ 57,132 ========= ========= ========= ========= ========= =========== FIXED CHARGES: Interest expense $ 90,365 $ 77,207 $ 53,154 $ 35,867 $ 31,476 $ 163,689 Minority interests on preferred securities of subsidiary trusts 6,827 6,601 6,601 3,114 2,641 28,163 --------- --------- --------- --------- --------- ----------- $ 97,192 $ 83,808 $ 59,755 $ 38,981 $ 34,117 $ 191,852 ========= ========= ========= ========= ========= =========== RATIO OF EARNINGS TO FIXED CHARGES (0.51) 0.96 1.69 2.15 2.42 0.30 ========= ========= ========= ========= ========= =========== COMPUTATION OF MODIFIED RATIO OF CONSOLIDATED EARNINGS TO CONSOLIDATED FIXED CHARGES PROFORMA FOR YEAR ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, --------------------------------------------------------------------- ------------ (IN THOUSANDS EXCEPT RATIOS) 2001 2000 1999 1998 1997 2001 --------- --------- --------- --------- --------- ------------ EARNINGS: Income (loss) before income taxes and minority interests $(166,392) $ (26,954) $ 36,202 $ 37,375 $ 39,085 $ (133,305) Minority interests on preferred securities of subsidiary trusts (6,827) (6,601) (6,601) (3,114) (2,641) (28,163) Restructuring charge 24,916 -- -- -- -- 24,916 Minority interests 163,544 73,436 22,927 4,238 (1,710) 163,544 Minority interests relating to restructuring charge (3,544) -- -- -- -- (3,544) Fixed charges as below 42,267 36,406 25,125 18,660 15,137 136,927 --------- --------- --------- --------- --------- ----------- Total $ 53,964 $ 76,287 $ 77,653 $ 57,159 $ 49,871 $ 160,375 ========= ========= ========= ========= ========= =========== FIXED CHARGES: Interest expense $ 90,365 $ 77,207 $ 53,154 $ 35,867 $ 31,476 $ 163,689 Minority interests on preferred securities of subsidiary trusts 6,827 6,601 6,601 3,114 2,641 28,163 Interest expense of Consolidated Subsidiaries (54,925) (47,402) (34,630) (20,321) (18,980) (54,925) --------- --------- --------- --------- --------- ----------- $ 42,267 $ 36,406 $ 25,125 $ 18,660 $ 15,137 $ 136,927 ========= ========= ========= ========= ========= =========== MODIFIED RATIO OF EARNINGS TO FIXED CHARGES 1.28 2.10 3.09 3.06 3.30 1.15 ========= ========= ========= ========= ========= ===========