EX-12.1 5 dex121.htm STATEMENT OF EARNINGS TO FIXED CHARGES Prepared by R.R. Donnelley Financial -- Statement of Earnings to Fixed Charges
EXHIBIT 12.1
 
STATEMENT OF COMPUTATION OF RATIO EARNINGS TO FIXED CHARGES
 
    
Year Ended December 31, 2001
     
Three Months Ended December 31, 2000
   
 
Year Ended September 30,
  
          
2000
   
1999
     
1998
     
1997
  
    
(dollars in thousands)
  
Fixed Charges:
                                                  
Interest expense
   
$
832,137
 
   
$
244,830
   
$
630,397
   
$
215,523
 
   
$
120,355
 
   
$
61,189
 
Amortization of debt issuance costs
   
 
3,432
 
   
 
711
   
 
1,788
   
 
230
 
   
 
281
 
   
 
204
 
Estimated interest within rental expense
   
 
15,912
 
   
 
5,307
   
 
14,202
   
 
12,213
 
   
 
7,281
 
   
 
4,152
 
Preference securities dividend requirement of consolidated subsidiaries
   
 
—  
 
   
 
—  
   
 
—  
   
 
6,083
 
   
 
6,840
 
   
 
2,203
 
    
  
  
  
  
  
Total fixed charges
   
$
851,481
 
   
$
250,848
   
$
646,387
   
$
234,049
 
   
$
134,757
 
   
$
67,748
 
    
  
  
  
  
  
Earnings:
                                                  
Income (loss) before income taxes, minority interest, extraordinary items and cumulative effect of accounting change less equity in income (losses) of investments
   
$
(304,080
)
   
$
3,290
   
$
115,962
   
$
(74,568
)
   
$
2,312
 
   
$
33,218
 
Fixed charges
   
 
851,481
 
   
 
250,848
   
 
646,387
   
 
234,049
 
   
 
134,757
 
   
 
67,748
 
Less:
                                                  
Preference securities dividend requirement of consolidated subsidiaries
   
 
—  
 
   
 
—  
   
 
—  
   
 
(6,083
)
   
 
(6,840
)
   
 
(2,203
)
             
  
  
  
  
Earnings
   
$
547,401
 
   
$
254,138
   
$
762,349
   
$
153,398
 
   
$
130,229
 
   
$
98,763
 
    
  
  
  
  
  
Ratio of earnings to fixed charges
   
 
0.64
 
   
 
1.01
   
 
1.18
   
 
0.66
 
   
 
0.97
 
   
 
1.46
 
    
  
  
  
  
  
Excess (deficiency) of earnings to fixed charges
   
$
(304,080
)
   
$
3,290
   
$
115,962
   
$
(80,651
)
   
$
(4,528
)
   
$
31,015
 
    
  
  
  
  
  
 
The ratio of earnings to fixed charges is computed by dividing fixed charges into income (loss) before income taxes, minority interest, extraordinary items and the cumulative effect of accounting change less equity in the income (losses) of investments plus fixed charges less the preference securities dividend requirement of consolidated subsidiaries. Fixed charges include, as applicable, interest expense, amortization of debt issuance costs, the estimated interest component of rent expense and the preference securities dividend requirement of consolidated subsidiaries.

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