EX-12 4 exhibit121.htm

                                                                                                                                                                                                                 EXHIBIT 12.1             

 

RATIO OF EARNINGS TO FIXED CHARGES

 

 

   Predecessor Company (1) 

 

                                                      Reorganized Company (1)                                                            

 

 

(Dollars in thousands)

For  the Year
Ended
December 31,

 

For  the Two
Months Ended
February 28,

  

For  the Ten
Months Ended
December 31,

 

For  the Year
Ended
December 31,

 

For  the Year
Ended
December 31,

 

For  the Year
Ended
December 31,

 

For  the Three
Months Ended
March 31,

 

 

        2001      

 

        2002      

 

        2002     

 

        2003     

 

        2004     

 

        2005      

 

        2005      

 

        2006      

 

Earnings:

  (Loss) income before income taxes
    and discontinued operations


$           (69,116


)


$      1,493,157 


$        (297,417


)


$          (29,481


)


$            8,750 


$              2,051

  


$              (2,393


)


$               1,482

  Fixed charges excluding capitalized
    interest


             55,403

 


              9,613


           22,259


            27,407


           19,386

 


            23,118


              5,338


              8,090

Earnings

$           (13,713

)

$       1,502,770

$        (275,158

)

$            (2,074

)

$           28,136

$            25,169

$               2,945

$               9,572

Fixed Charges:

 

 

 

 

 

 

 

 

  Interest expense, including amorti-
    zation of debt issue costs


$            15,956


$             2,908

  


$           13,147

  


$           17,327


$             9,218

  


$           12,470

  


$               2,810


$               4,584

  Interest capitalized

64

 

7

76

68

77

 

1,200

-

304

  Interest portion of rental expense

             39,447

 

              6,705

             9,112

            10,080

            10,168

 

           10,648

               2,528

               3,506

Fixed charges

$            55,467

$             9,620

$           22,335

$           27,475

$           19,463

$           24,318

$               5,338

$               8,394

Ratio of Earnings to Fixed Charges

(2)

156.21

(2)

(2)

1.45

1.03

(2)

1.14
   

(1)

The term "Predecessor Company" refers to our operations for periods prior to our emergence from proceedings under Chapter 11 of the United States Bankruptcy Code on March 1, 2002, while the term "Reorganized Company" is used to describe our operations for periods beginning March 1, 2002 and thereafter.
 

(2)

Earnings were inadequate to cover fixed charges by $69,180, $297,493, $29,549, and $2,393 for the year ended December 31, 2001, the ten months ended December 31, 2002, the year ended December 31, 2003 and the three months ended March 31, 2005, respectively.