EX-12.1 5 a2051372zex-12_1.htm COMPUTATION OF RATIO OF EARNINGS Prepared by MERRILL CORPORATION
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Exhibit 12.1


Computation of Ratios of Earnings to Fixed Charges

 
  Years Ended December 31,
  Three Months Ended March 31,
 
 
  1998
  1999
  2000
  2000
  2001
 
INCOME AVAILABLE FOR FIXED CHARGES                                
Income before income taxes and minority interest and extraordinary items   $ 33,906   $ 77,301   $ 118,156   $ 32,298   $ 28,792  
Fixed Charges     62,312     52,411     39,802     11,343     12,905  
Less capitalized interest     (1,086 )   (115 )   (717 )   (66 )   (123 )
Less minority partner preferred equity return     (2,360 )   (2,063 )   (1,527 )   (455 )   (162 )
   
 
 
 
 
 
  Income available for fixed charges   $ 92,772   $ 127,534   $ 155,714   $ 43,120   $ 41,412  
   
 
 
 
 
 
FIXED CHARGES                                
Interest expense   $ 57,487   $ 48,594   $ 34,768   $ 10,107   $ 11,882  
Minority partner preferred equity return     2,360     2,063     1,527     455     162  
Capitalized interest     1,086     115     717     66     123  
Interest portion of rent expense     1,379     1,639     2,790     715     738  
   
 
 
 
 
 
    Total fixed charges   $ 62,312   $ 52,411   $ 39,802   $ 11,343   $ 12,905  
   
 
 
 
 
 
Ratio of earnings to fixed charges     1.5 x   2.4 x   3.9 x   3.8 x   3.2 x
 
  Pro Forma
Year Ended
December 31,
2000

  Pro Forma
Three Months
ended March 31,
2001

 
INCOME AVAILABLE FOR FIXED CHARGES              
Income before income taxes and minority interest and extraordinary items   $ 83,975   $ 29,222  
Fixed Charges     122,441     27,123  
Less capitalized interest     (717 )   (123 )
   
 
 
  Income available for fixed charges   $ 195,699   $ 56,222  
   
 
 
FIXED CHARGES              
Interest expense   $ 108,813   $ 26,234  
Capitalized interest     717     123  
Interest portion of rent expense     2,911     766  
   
 
 
    Total fixed charges   $ 112,441   $ 27,123  
   
 
 
Ratio of earnings to fixed charges     1.7 x   2.1 x



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Computation of Ratios of Earnings to Fixed Charges