EX-12.1 7 h23371exv12w1.txt RATIO OF EARNINGS TO FIXED CHARGES . . . EXHIBIT 12.1 RATIO OF EARNINGS TO FIXED CHARGES Our ratio of earnings to fixed charges is as follows:
YEAR ENDED DECEMBER 31, 2004 2003 2002 2001 2000 ---------- ---------- ---------- --------- ---------- (IN THOUSANDS, EXCEPT FOR RATIOS) Earnings: Income (loss) from continuing operations before provision for income taxes and cumulative effect of accounting change $ 102,466 $ (80,868) $ (773,560) $ 85,369 $ (15,838) Minority interest - (2,893) - - - Equity in undistributed earnings (losses) of affiliates 4,885 (706) 1,053 (3,418) 18,624 Interest expense 36,066 18,993 15,123 39,656 43,603 Portion of rents representative of the interest factor 16,317 15,810 15,011 14,442 14,418 ---------- ---------- ---------- --------- ---------- $ 159,734 $ (49,664) $ (742,373) $ 136,049 $ 60,807 ---------- ---------- ---------- --------- ---------- Fixed charges: Interest expense, including amount capitalized 37,039 20,591 17,946 41,033 45,992 Portion of rents representative of the interest factor 16,317 15,810 15,011 14,442 14,418 ---------- ---------- ---------- --------- ---------- $ 53,356 $ 36,401 $ 32,957 $ 55,475 $ 60,410 ---------- ---------- ---------- --------- ---------- Ratio of earnings to fixed charges 2.99x - - 2.45x 1.01x ========== ========== ========== ========= ==========
Earnings were inadequate to cover fixed charges for the years ended December 31, 2003 and 2002 by $86,065 and $775,330, respectively.