EX-12.1 5 w00921exv12w1.htm EXHIBIT 12.1 exv12w1
 

EXHIBIT 12.1

Ratio of Earnings to Fixed Charges
and to Combined Fixed
Charges and Preferred
Stock Dividends

                                               
    For the year ended December 31,
  For the
6 months
ended June 30,

    1999
  2000
  2001
  2002
  2003
  2004
Earnings:
                                               
pretax earnings (loss) from continuing operations before minority interest or equity in earnings (1)
  $ (26,734 )   $ (25,085 )   $ (5,282 )   $ (35,237 )   $ 3,458   $ (7,736 )
fixed charges
    44,060       49,904       4,852       9,587       17,943       7,270  
distributed income of equity investees
                89       292       386       286  
 
   
 
     
 
     
 
     
 
     
 
     
 
Total earnings (loss) before fixed charges
    17,326       24,819       (341 )     (25,358 )     21,787     (180 )
 
   
 
     
 
     
 
     
 
     
 
     
 
Fixed charges:
                                               
interest expense, including amortization of deferred financing costs
          1,076       4,239       7,231       11,017       3,980  
estimate of interest expense in lease commitments
    44,060       48,828       613       2,356       6,926       3,290  
 
   
 
     
 
     
 
     
 
     
 
     
 
Total fixed charges
    44,060       49,904       4,852       9,587       17,943       7,270  
 
Ratio of earnings to fixed charges     deficiency       deficiency       deficiency       deficiency       1.21       deficiency  
Deficiency to fixed charges
    26,734       25,085       5,193       34,945             7,450
Preferred stock dividends(2)
          232       1,160       1,105            
 
   
 
     
 
     
 
     
 
     
 
     
 
Ratio of earnings to combined fixed charges and preferred stock dividends     deficiency       deficiency       deficiency       deficiency       1.21       deficiency  
Deficiency to combined fixed charges and preferred stock dividends
  $ 26,734     $ 25,317     $ 6,353     $ 36,050     $ 9,785     $ 7,450  
 
   
 
     
 
     
 
     
 
     
 
     
 

(1)   Includes gain on refinancing of $13,629 in 2003 and conversion incentive payments of $7,307 for convertible notes and preferred stock in 2002.

(2)   Preferred stock dividend and accretion divided by 1 minus tax rate.