EX-12 4 a07-11610_1ex12.htm EX-12

Exhibit 12

Ratio of Earnings to Fixed Charges

(In Thousands)

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

Year Ended December 31,

 

 

 

2007

 

2006

 

2006

 

2005

 

2004

 

2003

 

2002

 

Ratio of Earnings to Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on debt and capitalized leases

 

$

32,175

 

$

4,206

 

$

51,728

 

$

19,487

 

$

22,088

 

$

35,824

 

$

46,944

 

Amortization of debt discount and expense

 

1,295

 

291

 

2,087

 

1,397

 

2,579

 

3,098

 

3,417

 

Interest element of rentals(a)

 

2,940

 

1,963

 

8,646

 

7,623

 

6,369

 

6,171

 

6,798

 

Total Fixed Charges

 

$

36,410

 

$

6,460

 

$

62,461

 

$

28,507

 

$

31,036

 

$

45,093

 

$

57,159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated net (loss) income

 

$

(34,571

)

$

33,681

 

$

48,539

 

$

95,503

 

$

105,892

 

$

12,495

 

$

31,195

 

Addback:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from discontinued operations, net of tax (d)

 

8,061

 

—

 

3,263

 

—

 

—

 

—

 

—

 

Consolidated (benefit from) provision for income taxes

 

(10,711

)

20,757

 

31,497

 

46,855

 

60,868

 

5,245

 

17,546

 

Amortization of capitalized interest

 

361

 

359

 

1,449

 

1,414

 

1,329

 

1,309

 

1,293

 

Interest capitalized

 

(1,381

)

(148

)

(2,167

)

(357

)

(889

)

(726

)

(622

)

Fixed charges less interest capitalized

 

36,410

 

6,460

 

62,461

 

28,507

 

31,036

 

45,093

 

57,159

 

Total Earnings

 

$

(1,831

)

$

61,109

 

$

145,042

(c)

$

171,922

 

$

198,236

 

$

63,416

(b)

$

106,571

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

—

(e)

9.5

 

2.3

 

6.0

 

6.4

 

1.4

 

1.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rent/Lease Expense

 

8,908

 

5,948

 

26,200

 

23,100

 

19,300

 

18,700

 

20,600

 

 

(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)          2006 earnings excluded addbacks for costs related to loss on foreign exchange forward purchase contracts totaling $20.8 million, costs related to the early retirement of debt and write off of bridge financing fees totaling $5.3 million.

(d)         Net of tax of $2,228 for the three months ended March 31, 2007 and $1,841 for the year ended December 31, 2006.

(e)          For the quarter ended March 31, 2007, our earnings were insufficient to cover fixed charges by $38.2 million.