EX-12.1 7 g66441ex12-1.txt COMPUTATION OF RATIOS OF EARNINGS 1 EXHIBIT 12.1 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN THOUSANDS)
Company (Successor) (1) ------------------------------------------------------------------------------------------- Pro Forma Period Pro Forma Nine Months Nine Months Feb. 2, 1996 Year Ended December 31, Year Ended Ended September 30, Ended to Dec. 31, ----------------------- December 31, ------------------- September 30, 1996 1997 1998 1999 1999 (2) 1999 2000 2000 (2) ---- ---- ---- ---- -------- ---- ---- ------- Earnings Income (loss) from continuing operations before provision for income taxes and extraordinary item $ (1,989) $ 7,725 $ 17,934 $ 25,649 $ 25,649 $ 18,401 $ 28,150 28,150 Interest and amortization of deferred finance costs 976 8,121 10,555 13,901 10,545 8,675 13,338 11,377 Implicit rental interest expense 60 1,369 1,618 2,016 2,016 1,500 1,500 1,500 ------------------------------------------------------------------------------------------ Total earnings (953) 17,215 30,107 41,566 38,210 28,576 42,988 41,027 ------------------------------------------------------------------------------------------ Fixed Charges Interest and amortization of deferred finance costs 976 8,121 10,555 13,901 10,545 8,675 13,338 11,377 Capitalized interest (per general ledger) 28 223 288 410 410 352 646 646 Implicit rental interest expense 60 1,369 1,618 2,016 2,016 1,500 1,500 1,500 ------------------------------------------------------------------------------------------ Total fixed charges $ 1,064 $ 9,713 $ 12,461 $ 16,327 $ 12,971 $ 10,527 $ 15,484 $ 13,523 ------------------------------------------------------------------------------------------ Ratio of earnings to fixed charges (3) -- 1.77 2.42 2.55 2.95 2.71 2.78 3.03 ==========================================================================================
(1) The ratio of earnings to fixed charges for Brim (Predecessor) for the two years in the period ended December 31, 1995, and the period January 1 to December 18, 1996, is not presented because of lack of comparability between the capital structure of the Company and that of the Predecessor. (2) The pro forma ratio of earnings to fixed charges gives effect to the net decrease in the interest expense resulting from the sale of the Notes offered hereby and the application of the estimated proceeds thereof to the repayment of existing debt, as if such transactions had occurred at the beginning of the periods presented; such ratio does not give effect to any other pro forma events. The ratio has been computed using an assumed interest rate of 4 1/2%. (3) Earnings before fixed charges were inadequate to cover fixed charges by $2,017,000 for the period February 2, 1996 to December 31, 1996.