EX-12.1 6 dex121.htm STATEMENT OF EARNINGS TO FIXED CHARGES Statement of Earnings to Fixed Charges

EXHIBIT 12.1

 

STATEMENT OF COMPUTATION OF RATIO EARNINGS TO FIXED CHARGES

 

    

Year Ended December 31,

    

Three Months

Ended

December 31,

2000

   

Year Ended September 30,

  
    

2002

   

2001

        

2000

   

1999

     

1998

  
    

(dollars in thousands)

  

Fixed Charges:

                                                

Interest expense

   

$

608,914

   

$

832,137

 

   

$

244,830

   

$

630,397

   

$

215,523

 

   

$

120,355

 

Amortization of debt issuance costs

   

 

3,217

   

 

3,432

 

   

 

711

   

 

1,788

   

 

230

 

   

 

281

 

Estimated interest within rental expense

   

 

10,501

   

 

15,912

 

   

 

5,307

   

 

14,202

   

 

12,213

 

   

 

7,281

 

Preference securities dividend requirement of consolidated subsidiaries

   

 

—  

   

 

—  

 

   

 

—  

   

 

—  

   

 

6,083

 

   

 

6,840

 

    
  
  
  
  
  

Total fixed charges

   

$

622,632

   

$

851,481

 

   

$

250,848

   

$

646,387

   

$

234,049

 

   

$

134,757

 

    
  
  
  
  
  

Earnings:

                                                

Income (loss) before income taxes, minority interest, extraordinary items and cumulative effect of accounting change less equity in income (losses) of investments

   

$

184,869

   

$

(254,763

)

   

$

3,290

   

$

115,962

   

$

(74,568

)

   

$

2,312

 

Fixed charges

   

 

622,632

   

 

851,481

 

   

 

250,848

   

 

646,387

   

 

234,049

 

   

 

134,757

 

Less:

                                                

Preference securities dividend requirement of consolidated subsidiaries

   

 

—  

   

 

—  

 

   

 

—  

   

 

—  

   

 

(6,083

)

   

 

(6,840

)

    
  
  
  
  
  

Earnings

   

$

807,501

   

$

596,718

 

   

$

254,138

   

$

762,349

   

$

153,398

 

   

$

130,229

 

    
  
  
  
  
  

Ratio of earnings to fixed charges

   

 

1.30

   

 

0.70

 

   

 

1.01

   

 

1.18

   

 

0.66

 

   

 

0.97

 

    
  
  
  
  
  

Excess (deficiency) of earnings to fixed charges

   

$

184,869

   

$

(254,763

)

   

$

3,290

   

$

115,962

   

$

(80,651

)

   

$

(4,528

)

    
  
  
  
  
  

 

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.