EX-12.1 3 a2058551zex-12_1.txt EXHIBIT 12.1 EXHIBIT 12.1 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN THOUSANDS)
COMPANY (SUCCESSOR) (1) ------------------------------------------------------------------ Period Jul. 1, 1996 Year Ended December 31, to Dec. 31, ------------------------------------------------ 1996 1997 1998 1999 2000 --------- --------- --------- --------- --------- Earnings Income (loss) from continuing operations before provision for income taxes and extraordinary item $ (11,846) $ (36,672) $(196,343) $ (11,236) $ 27,742 Interest and amortization of deferred finance costs 38,964 89,753 101,191 116,491 127,370 Amortization of capitalized interest -- 9 27 57 113 Implicit rental interest expense 2,275 5,070 5,586 6,381 7,846 --------- --------- --------- --------- --------- Total Earnings 29,393 58,160 (89,539) 111,693 163,071 --------- --------- --------- --------- --------- Fixed Charges Interest and amortization of deferred finance costs 38,964 89,753 101,191 116,491 127,370 Capitalized Interest -- 600 700 1,400 2,493 Implicit rental interest expense 2,275 5,070 5,586 6,381 7,846 --------- --------- --------- --------- --------- Total fixed charges $ 41,239 $ 95,423 $ 107,477 $ 124,272 $ 137,709 --------- --------- --------- --------- --------- Ratio of earnings to fixed charges (3) -- -- -- -- 1.18 ========= ========= ========= ========= ========= ----------------------------------------------- Pro Forma Pro Forma Six Months Six Months Year Ended Ended June 30, Ended December 31, --------------------- June 30, 2000(2) 2000 2001 2001(2) --------- --------- --------- --------- Earnings Income (loss) from continuing operations before provision for income taxes and extraordinary item $ 32,727 $ 8,263 $ 40,736 $ 43,155 Interest and amortization of deferred finance costs 122,385 65,305 53,174 50,755 Amortization of capitalized interest 113 48 87 87 Implicit rental interest expense 7,846 3,634 4,922 4,922 --------- --------- --------- --------- Total Earnings 163,071 77,250 98,919 98,918 --------- --------- --------- --------- Fixed Charges Interest and amortization of deferred finance costs 122,385 65,305 53,174 50,755 Capitalized Interest 2,493 1,250 1,625 1,625 Implicit rental interest expense 7,846 3,634 4,922 4,922 --------- --------- --------- --------- Total fixed charges $ 132,724 $ 70,189 $ 59,721 $ 57,302 --------- --------- --------- --------- Ratio of earnings to fixed charges (3) 1.23 1.10 1.66 1.73 ========= ========= ========= =========
(1) The ratio of earnings to fixed charges for our Predecessor for the period from January 1 to June 30,1996 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 offering 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 4.75% (3) Earnings before faced charges were inadequate to cover fixed charges by $11,846,000 for the period July 1, 1996 to December 31, 1996, and $37,263,000, $197,016,000, and $12,579,000 for the years ended December 31, 1997, 1998, and 1999, respectively.