EX-12.1 3 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12.1

 

COMPUTATION OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

     Year Ended December 31
   Six Months
Ended
June 30, 2004
     2000
    2001
    2002
    2003
   

Consolidated pretax income from continuing operations

    $ 12,027    $ 18,332    $ 13,787    $ 36,981    $ 23,276

Interest expense

      77,658      71,712      61,088      64,001      33,079

Interest portion of rental expense

      1,923      1,121      1,043      957      484
    
  
  
  
  

Earnings

    $ 91,608    $ 91,165    $ 75,918    $ 101,939    $ 56,839
    
  
  
  
  

Interest expense

    $ 77,658    $ 71,712    $ 61,088    $ 64,001    $ 33,079

Interest portion of rental expense

      1,923      1,121      1,043      957      484
    
  
  
  
  

Fixed charges

    $ 79,581    $ 72,833    $ 62,131    $ 64,958    $ 33,563
    
  
  
  
  

Ratio of earnings to fixed charges

      1.2      1.3      1.2      1.6      1.7
    
  
  
  
  

 

 

PRO FORMA COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

     Year Ended
December 31, 2003
    Six Months
Ended
June 30, 2004

Pro forma consolidated pretax income from continuing operations

    $ 28,373    $ 11,612

Pro forma interest expense

      86,045      43,119

Interest portion of rental expense

      957      484
    
  

Pro forma earnings

    $ 115,375    $ 55,215
    
  

Pro forma interest expense

    $ 86,045    $ 43,119

Interest portion of rental expense

      957      484
    
  

Pro forma fixed charges

    $ 87,002    $ 43,603
    
  

Pro form ratio of earnings to fixed charges

      1.3      1.3