EX-12 11 w58103ex12.htm PREFERRED STOCK DIVIDENDS RATIO OF EARNINGS ex12
 

EXHIBIT 12

RATIO OF EARNINGS TO FIXED CHARGES AND

PREFERRED STOCK DIVIDEND REQUIREMENTS

      The following table sets forth the ratio of earnings to fixed charges and preferred stock dividend requirements for the periods indicated:

                                             
Years Ended July 31, Years Ended December 31,

5 Months Ended
1997 1998 December 31, 1998 1999 2000 2001






  2.9       2.4       2.1       2.0       1.7       1.6  

      For purposes of computing these ratios, earnings have been calculated by adding fixed charges (excluding preferred stock dividends) to income before extraordinary items. Fixed charges consist of interest costs, whether expensed or capitalized, preferred stock dividend requirements, the interest component of rental expense, if any, and amortization of debt discounts and issue costs, whether expensed or capitalized.

CALCULATION OF COMBINED RATIO OF EARNINGS TO FIXED CHARGES

AND PREFERRED STOCK DIVIDEND REQUIREMENTS
Year Ended December 31, 2001
(Dollar amounts in thousands)
             
Earnings:
       
 
Pretax income from continuing operations
  $ 89,983  
 
Interest expense (including amortization of debt discount, premium and issuing costs and capitalized interest)
    85,950  
 
Other adjustments
    426  
     
 
   
Total
  $ 176,359  
     
 
Fixed charges:
       
 
Interest expense (including amortization of debt discount, premium and issuing costs and capitalized interest)
  $ 85,950  
 
Other adjustments
    426  
     
 
   
Total
  $ 86,376  
     
 
 
PREFERRED DIVIDEND REQUIREMENTS
  $ 22,639  
     
 
 
TOTAL FIXED CHARGES AND PREFERRED DIVIDEND REQUIREMENTS
  $ 109,015  
     
 
 
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS
    1.6