EX-12 4 a2135978zex-12.htm EXHIBIT 12
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Exhibit 12


Ratio of Earnings to Fixed Charges Worksheet
(In Thousands)

 
   
   
   
   
   
  Three Months Ended
March 31,

 
  Year Ended December 31,
Ratio of Earnings to Fixed Charges

  1999
  2000
  2001
  2002
  2003
  2003
  2004
Fixed Charges:                                          
Interest on debt and capitalized leases   $ 35,111   $ 64,980   $ 55,085   $ 46,784   $ 35,771   $ 9,121   $ 6,026
Amortization of debt discount and expense     675     3,931     3,261     3,417     3,098     898     486
Interest element of rentals (a)     10,823     7,089     6,716     6,798     6,171     1,693     1,591
   
 
 
 
 
 
 
Total Fixed Charges   $ 46,609   $ 76,000   $ 65,062   $ 56,999   $ 45,040   $ 11,712   $ 8,103
   
 
 
 
 
 
 
Earnings:                                          
Consolidated net income (loss)   $ 33,005   $ 64,180   $ (12,043 ) $ 31,195   $ 12,495   $ (1,674 ) $ 18,738
Addback:                                          
Loss from discontinued operation of the methanol business, net of tax     10,156                        
Consolidated provision for income taxes     24,808     36,112     (14,918 )   17,546     5,245     (941 )   11,123
Fixed charges less interest capitalized     45,661     74,829     64,033     56,377     44,314     11,585     7,859
   
 
 
 
 
 
 
Subtotal Earnings     113,630     175,121     37,072     105,118     62,054 (b)   8,970     37,720

Total Earnings

 

$

113,630

 

$

175,121

 

$

37,072

 

$

105,118

 

$

62,054

 

$

8,970

 

$

37,720
   
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges     2.4     2.3     (c)   1.8     1.4     (c)   4.7
   
 
 
 
 
 
 
Rent/Lease Expense     32,796     21,483     20,351     20,600     18,700     5,131     4,821
Interest Capitalized     948     1,171     1,029     622     726     127     244

(a)
We estimated our interest factor for rentals to be 33.3 percent of our actual rental costs.

(b)
2003 earnings excluded addback for costs related to the early retirement of debt totaling $13.8 million.

(c)
For the year ended 2001 and for the quarter ended March 31, 2003, our earnings were insufficient to cover fixed charges by $28.0 million and $2.7 million, respectively.



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