EX-12.1 22 a2062766zex-12_1.txt EXHIBIT 12.1 EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS ($ in millions)
SIX MONTHS TWELVE MONTHS TWELVE MONTHS ENDED JUNE 30, ENDED DECEMBER 31, ENDED DECEMBER 31, CONSOLIDATED BASIS 2001 2000 1999 ------------------ -------------- ------------------ ------------------ Pretax earnings (loss) from continuing operations $ (109.0) $ 355.4 $ 161.5 Less undistributed earnings in unconsolidated affiliates (2.6) (1.0) (29.0) Interest expense (A) 8.4 16.1 14.7 Portion of rent representative of interest expense 1.3 0.9 0.6 -------- -------- -------- Operating earnings as adjusted $ (101.9) $ 371.4 $ 147.8 ======== ======== ======== Interest expense (A) $ 8.4 $ 16.1 $ 14.7 Portion of rent representative of interest expense 1.3 0.9 0.6 -------- -------- -------- Total fixed charges $ 9.7 $ 17.0 $ 15.3 ======== ======== ======== RATIO OF EARNINGS TO FIXED CHARGES (10.5)(B) 21.8 9.7 ======== ======== ======== Preferred stock dividend requirements $ 3.4 $ 0.0 $ 0.0 Effective percentage for dividend gross-up (1-effective tax rate) 1.0 0.0 0.0 -------- -------- -------- Effective preferred stock dividend requirements $ 3.4 $ 0.0 $ 0.0 -------- -------- -------- Total fixed charges and preferred stock dividends $ 13.1 $ 17.0 $ 15.3 ======== ======== ======== RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (7.8)(B) 21.8 9.7 ======== ======== ======== TWELVE MONTHS TWELVE MONTHS TWELVE MONTHS ENDED DECEMBER 31, ENDED DECEMBER 31, ENDED DECEMBER 31, 1998 1997 1996 ------------------ ------------------ ------------------ Pretax earnings (loss) from continuing operations $ 79.6 $ 101.3 $ 22.4 Less undistributed earnings in unconsolidated affiliates (17.2) (14.7) (8.2) Interest expense (A) 13.7 10.6 10.3 Portion of rent representative of interest expense 0.6 0.6 0.6 ------- -------- ------- Operating earnings as adjusted $ 76.7 $ 97.8 $ 25.1 ======= ======== ======= Interest expense (A) $ 13.7 $ 10.6 $ 10.3 Portion of rent representative of interest expense 0.6 0.6 0.6 ------- -------- ------- Total fixed charges $ 14.3 $ 11.2 $ 10.9 ======= ======== ======= RATIO OF EARNINGS TO FIXED CHARGES 5.4 8.7 2.3 ======= ======== ======= Preferred stock dividend requirements $ 0.0 $ 0.0 $ 0.0 Effective percentage for dividend gross-up (1-effective tax rate) 0.0 0.0 0.0 ------- -------- ------- Effective preferred stock dividend requirements $ 0.0 $ 0.0 $ 0.0 ------- -------- ------- Total fixed charges and preferred stock dividends $ 14.3 $ 11.2 $ 10.9 ======= ======== ======= RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS 5.4 8.7 2.3 ======= ======== =======
(A) Includes amortized premiums, discounts and capitalized expenses related to indebtedness. (B) Due to the Registrant's loss in the 2001 period, the ratio coverage was less than 1:1.