EX-12.1 3 y52497a1ex12-1.txt STATEMENT RE: COMPUTATIONS OF RATIOS EXHIBIT 12.1 STATEMENT RE COMPUTATION OF RATIOS (Dollars in thousands, except ratios)
Six Months Ended Pro forma June 30, Year Ended December 31, --------- --------------------- -------------------------------------------------------------- 2001(4) 2000 2001 1996 1997 1998 1999 2000 --------- --------- --------- ---------- --------- --------- --------- -------- RATIO OF EARNINGS TO FIXED CHARGES: Earnings: Income (loss) before income taxes, minority interest and extraordinary loss..... $ 59,003 $ 72,065 $ 66,873 $ 99,052 $105,571 $(395,081) $139,985 $129,554 Add: interest expense.... 33,691 30,635 25,820 15,780 22,849 38,069 55,943 60,356 -------- -------- -------- -------- -------- --------- -------- -------- $ 92,694 $102,700 $ 92,693 $114,832 $128,420 $(357,012) $195,928 $189,910 ======== ======== ======== ======== ======== ========= ======== ======== Fixed Charges(1): Interest expense......... $ 33,691 $ 30,635 $ 25,820 $ 15,780 $ 22,849 $ 38,069 $ 55,943 $ 60,356 Capitalized interest..... -- -- -- 3,770 5,419 3,540 -- -- -------- -------- -------- -------- -------- --------- -------- -------- 33,691 $ 30,635 $ 25,820 $ 19,550 $ 28,268 $ 41,609 $ 55,943 $ 60,356 ======== ======== ======== ======== ======== ========= ======== ======== Ratio of earnings to fixed charges(2)............... 2.8 3.4 3.6 5.9 4.5 -- 3.5 3.1 ======== ======== ======== ======== ======== ========= ======== ========
-------------- (1) The majority of facilities and substantially all equipment is owned by the Company. Accordingly, the interest portion of rent expense is not significant. (2) For the year ended December 31, 1998, the Company had a deficiency of earnings compared to its fixed charges of $(398,621,000). (3) During August 1996, the Company guaranteed $3,600,000 of debt of the Chairman with a third party bank. Interest paid by the Company on behalf of the Chairman is charged to the Chairman as compensation expense and amount to $160,916, $163,166 and $181,901 for the years ended December 31, 2000, 1999 and 1998, respectively. Such amounts have been excluded from the computation of the ratio of fixed charges. (4) Pro forma reflects the issuance of the $525,000,000 of 6 1/2% convertible subordinated notes due 2008 and the redemption of the 9 1/4% senior notes due 2005 had the issuance and the redemption occurred as of the beginning of the period.