EX-12.1 2 dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement of Computation of Ratio of Earnings to Fixed Charges

 

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

 

     2000
     2001
     2002
     2003
     2004
    2004
pro
forma(1)

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

    $ (28.5 )   $ (97.1 )   $ (20.6 )   $ (17.3 )   $ 71.2    $ 144.4
    
 
 
 
 
  

Fixed charges:

                                              

Interest expense

      29.7       19.3       14.6       18.8       23.8      62.5

Rentals, primarily buildings - 33%

      6.6       6.4       5.8       5.5       5.4      9.8
    
 
 
 
 
  

Total fixed charges

    $ 36.3     $ 25.7     $ 20.4     $ 24.3     $ 29.2    $ 72.3

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

    $ 7.8     $ (71.4 )   $ (0.2 )   $ 7.0     $ 100.4    $ 216.7
    
 
 
 
 
  

Ratio of earnings to fixed charges

                                      3.44      3.00
                                    
  

Earnings deficiency

    $ 28.5     $ 97.1     $ 20.6     $ 17.3               
(1) The pro forma ratio of earnings to fixed charges gives effect to our acquisition of J&F Steel, our issuance of $175.0 million of 3.50% Convertible Senior Notes due 2024 in November 2004, our issuance of $150.0 million of 8 1/4% Senior Notes due 2011 in December 2004 and the Integris Transactions.