EX-12 9 ex12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 1 EXHIBIT 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (in thousands except ratio)
March 31, Year Ended ----------------------- ------------------------------------------------------------- 2000 1999 1999 1998 1997 1996 1995 --------- --------- --------- --------- --------- --------- --------- Income before income taxes, equity in earnings of non- consolidated affiliates and extraordinary item (37,205) (12,043) 220,213 117,922 104,077 71,240 49,817 Dividends and other received from nonconsolidated affiliates 920 2,952 7,079 9,168 4,624 10,430 1,432 --------- --------- --------- --------- --------- --------- --------- Total (36,285) (9,091) 227,292 127,090 108,701 81,670 51,249 Fixed Charges Interest expense 55,549 31,832 192,321 135,766 75,076 30,080 20,752 Amortization of loan fees 234 649 1,970 2,220 1,451 506 1,004 Interest portion of rentals 17,468 4,747 24,511 16,044 6,120 424 361 --------- --------- --------- --------- --------- --------- --------- Total fixed charges 73,251 37,228 218,802 154,030 82,647 31,010 22,117 Preferred stock dividends Tax effect of preferred dividends -- -- -- -- -- -- -- After tax preferred dividends -- -- -- -- -- -- -- --------- --------- --------- --------- --------- --------- --------- Total fixed charges and preferred dividends 73,251 37,228 218,802 154,030 82,647 31,010 22,117 Total earnings available for payment of fixed charges 36,966 25,185 446,094 281,120 191,348 112,680 73,366 ========= ========= ========= ========= ========= ========= ========= Ratio of earnings to fixed Charges 0.50 0.68 2.04 1.83 2.32 3.63 3.32 ========= ========= ========= ========= ========= ========= ========= Rental fees and charges 116,450 59,338 306,393 200,550 76,500 5,299 4,510 Interest rate 15% 8% 8% 8% 8% 8% 8%