EX-12.1 3 g01759exv12w1.htm EX-12.1 Ex-12.1
 

EXHIBIT 12.1
                                                         
    Ratio of Earnings to Fixed Charges  
 
    Three Months Ended        
    March 31,     Year Ended December 31,  
(Dollars in Thousands)   2006     2005     2005     2004     2003     2002     2001  
Earnings:
                                               
Pre-tax income (loss)
  $ (115,674 )   $ 12,700     $ 110,709     $ 116,218     $ (85,971 )   $ 111,983     $ 85,824  
Deduct: income from partnerships
                    (12,777 )     (17,347 )     (18,480 )     (19,313 )
Add: cash received from partnerships
                    13,267       23,026       20,625       26,888  
Add: fixed charges
    174,295     67,042       312,438       191,945       186,777       38,383       34,972  
                                           
Earnings available for fixed charges
  $ 58,621     $ 79,742     $ 423,147     $ 308,653     $ 106,485     $ 152,511     $ 128,371  
 
                                         
Fixed charges:
                                                       
Interest expense
  $ 172,566     $ 66,249     $ 309,144     $ 188,048     $ 183,387     $ 37,353     $ 33,973  
Interest component of rent expense
    1,729     793       3,294       3,897       3,390       1,030       999  
                                           
Total fixed charges
  $ 174,295     $ 67,042     $ 312,438     $ 191,945     $ 186,777     $ 38,383     $ 34,972  
                                           
Ratio of earnings to fixed charges (1)
    (2)   1.2       1.4       1.6       (2 )     4.0       3.7  
                                           
(1)   The ratio of earnings to fixed charges has been computed by dividing earnings by fixed charges. For purposes of computing he ratio:
earnings consist of (a) income from continuing operations before income from equity investments in partnerships and income taxes, (b) fixed charges and (c) cash distributions from partnership investments; and
fixed charges consists of (a) interest on debt, (b) amortization of debt issuance costs and (c) one-third of operating rental expense, which management believes is representative of the interest component of rent expense.
(2)   Due to our losses in the three months ended March 31, 2006 and the year ended December 31, 2003, the ratio was less than 1:1 for these periods. We would have had to generate additional earnings of $115,674 and $80,292 to achieve a ratio of earnings to fixed charges of 1:1 for the three months ended March 31, 2006 and the year ended December 31, 2003, respectively.