EX-12.1 3 dex121.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES Calculation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

 

     1999

   2000

    2001

    2002

    2003

    2003
as adjusted


   

Nine months ended

September 30, 2004


  

Nine months ended

September 30, 2004

as adjusted


Pre-tax income (loss) from continuing operations before income or loss from equity investees

   $ 78.1    $ (28.5 )   $ (97.1 )   $ (20.6 )   $ (17.3 )   $ (43.2 )   $ 74.5    $ 135.6
    

  


 


 


 


 


 

  

Fixed charges:

                                                            

Interest expense

     24.2      29.7       19.3       14.6       18.8       57.1       16.0      44.4

Rentals, primarily buildings - 33%

     6.7      6.6       6.4       5.8       5.5       10.0       4.0      7.4

Preferred stock dividend requirements

     0.4      —         —         —         —         —         0.2      0.2
    

  


 


 


 


 


 

  

Total fixed charges

   $ 31.3    $ 36.3     $ 25.7     $ 20.4     $ 24.3     $ 67.1     $ 20.2    $ 52.0

Pre-tax income (loss) from continuing operations before income or loss from equity investees plus fixed charges

   $ 109.4    $ 7.8     $ (71.4 )   $ (0.2 )   $ 7.0     $ 23.9     $ 94.7    $ 187.6
    

  


 


 


 


 


 

  

Ratio of earnings to fixed charges

     3.50                                              4.68      3.61
    

                                          

  

Earnings deficiency

          $ 28.5     $ 97.1     $ 20.6     $ 17.3     $ 43.2