EX-12.1 12 ex12-1.htm EXHIBIT 12.1

Exhibit 12.1

STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS

Years Ended September 30,
2000
1999
1998
1997
1996
Statement of Earnings to Fixed Charges (dollars in thousands)
Fixed Charges:                           
     Interest expense   $ 630,397   $ 215,523   $ 120,355   $ 61,189   $ 37,266  
     Amortization of debt issuance costs    1,788    230    281    204    127  
     Estimated interest within rental expense    14,202    12,213    7,281    4,152    1,181  
     Preference securities dividend requirement
       of consolidated subsidiaries 		   —    6,083    6,840    2,203    208  
     Total fixed charges   $ 646,387   $ 234,049   $ 134,757   $ 67,748   $ 38,782  
                          
Earnings:                           
     Income (loss) before income taxes, minority
        interest, extraordinary item and 
        cumulative effect of accounting change less equity in
        income (losses) of investments 		  $ 115,962   $ (74,568 ) $2,312   $ 33,218   $ 5,537  
     Fixed charges    646,387    234,049    134,757    67,748    38,782  
   Less:                           
     Preference securities dividend requirement 
        of consolidated subsidiaries 		   —    (6,083 )  (6,840 )  (2,203 )  (208 )
     Earnings   $762,349   $153,398 $130,229   $ 98,763   $ 44,111  
     Ratio of earnings to fixed charges    1.18    0.66  0.97    1.46    1.14  
     Pro forma ratio of earnings to fixed charges    1.13    —    —    —    —  
     Excess (deficiency) of earnings to fixed
        charges 		  $ 115,962   $(80,651 ) $ (4,528 ) $ 31,015   $ 5,329  
     Pro forma excess (deficiency) of earnings to
        fixed charges 		  $ 88,858   $ —   $ —   $ —   $ —  

             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.

             The pro forma ratio gives effect to the issuance of the 6% Convertible Subordinated Notes as of the beginning of fiscal 2000, and the repayment of bank borrowings with the proceeds from the offering for the year ended September 30, 2000.