EX-12.1 2 c63012ex12-1.txt STATEMENTS RE COMPUTATION OF RATIOS 1 EXHIBIT 12.1 RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED, DOLLARS IN THOUSANDS)
FISCAL YEAR ENDED FEBRUARY (29)28, PRO FORMA ------------------------------------------------ --------- 1997 1998 1999 2000 2001 2001 ------- ------- ------- ------- -------- --------- EARNINGS Pre tax income...................... $25,940 $18,284 $ 9,045 $ 8,864 $ 31,386 $(18,141) Add: Fixed charges..................... 10,631 15,573 39,203 57,018 83,580 147,414 Amortization of capitalized interest....................... -- -- -- 60 73 73 Loss from equity investments...... -- -- -- -- 1,360 1,360 Less: Capitalized interest.............. -- 312 1,591 420 -- -- Minority loss in consolidated subsidiaries................... -- -- 1,875 2,005 124 124 Preferred stock dividends......... -- -- -- 3,144 8,984 8,984 ------- ------- ------- ------- -------- -------- Earnings............................ $36,571 $33,545 $44,782 $60,373 $107,291 $121,598 FIXED CHARGES: Interest expense (including amortization of debt expenses..... $ 9,633 $13,772 $35,650 $51,986 $ 72,444 $136,278 Capitalized interest................ -- 312 1,591 420 -- -- Portion of rents representative of the interest factor............... 998 1,489 1,962 1,468 2,152 2,152 Preferred stock dividends........... -- -- -- 3,144 8,984 8,984 ------- ------- ------- ------- -------- -------- Fixed charges....................... $10,631 $15,573 $39,203 $57,018 $ 83,580 $147,414 Ratio of earnings to fixed charges(1)........................ 3.4 2.2 1.1 1.1 1.3 N/A ======= ======= ======= ======= ======== ======== Amount of insufficiency(1).......... N/A N/A N/A N/A N/A $ 25,816 ======= ======= ======= ======= ======== ========
--------------- (1) On a pro forma basis, the ratio of earnings to fixed charges for the year ended February 28, 2001 is less than 1.0 and the amount of insufficiency is $25,816. In accordance with applicable rules, depreciation and amortization expense is deducted from earnings when computing the ratio of earnings to fixed charges. Pro forma depreciation and amortization expense for the year ended February 28, 2001 was $103,009.