EX-12 6 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

EXHIBIT 12

 

RATIO OF EARNINGS TO FIXED CHARGES

(In thousands except ratios)

 

 

      

Three Months Ending

31-March-03


 

Earnings available for fixed charges:

          

Earnings (loss) before income taxes (1)

    

$

9,273

 

Add: Equity loss of minority-owned companies

    

 

369

 

Add: Dividends received from investees under the equity method

    

 

928

 

Add: Minority interest expense in majority-owned subsidiaries

    

 

(114

)

Add: Fixed charges before capitalized interest

    

 

17,475

 

Add: Amortization of capitalized interest

    

 

1,829

 

      


Total earnings available for fixed charges

    

$

29,760

 

      


Fixed charges:

          

Interest expense

    

$

12,708

 

Interest portion of rental expense

    

 

4,758

 

Amortization of discount related to indebtedness

    

 

9

 

      


Total fixed charges before capitalized interest

    

 

17,475

 

Capitalized interest

    

 

1,500

 

      


Total fixed charges

    

 

18,975

 

      


Ratio of earnings to fixed charges

    

 

1.57

 

      



(1)   Includes restructuring and impairment charges of $2.6 million ($1.6 million after-tax, or $0.01 per diluted share).