EX-12.1 4 dex121.htm EXHIBIT 12.1 EXHIBIT 12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(in thousands)

 

     Year Ended December 31,     Three Months Ended
March 31,
 
     2005     2004     2003     2002     2001     2006     2005  

Earnings:

              

Income (loss) before provision for income taxes, equity in loss of unconsolidated affiliates and cumulative effect of change in accounting principle

   $ (150,382 )   $ (4,682 )   $ 59,637     $ (27,228 )   $ (301,176 )   $ (14,416 )   $ (32,155 )

Add: Fixed charges

     60,988       57,542       66,610       74,240       107,441       15,875       14,392  

Less: Minority interest

     (381 )     (452 )     (347 )     (446 )     (132 )     (102 )     (124 )

Less: Equity investment

     249       412       2,678       3,225       —         —         281  
                                                        

Total earnings before fixed charges

   $ (89,262 )   $ 52,900     $ 123,916     $ 44,233     $ (193,603 )   $ 1,561     $ (17,920 )
                                                        

Fixed charges:

              

Interest expense

     53,440       50,526       60,733       68,303       100,700       14,071       12,442  

Estimated interest component of rent expense

     7,548       7,016       5,877       5,937       6,741       1,804       1,950  
                                                        

Total fixed charges

   $ 60,988     $ 57,542     $ 66,610     $ 74,240     $ 107,441     $ 15,875     $ 14,392  
                                                        

Shortage

   $ 150,250     $ 4,642       NA     $ 30,007     $ 301,044     $ 14,314     $ 32,312  

Ratio of earnings to fixed charges(1)

     <1       <1       1.86       <1       <1       <1       <1  

(1) The ratio of earnings to fixed charges is computed by dividing the sum of pre-tax income from continuing operations (before adjustment for minority interests in consolidated subsidiaries and loss from equity investees) plus fixed charges, by fixed charges. Fixed charges consist of interest charges, whether expensed or capitalized, and that portion of rental expense we believe to be representative of interest.