EX-12.1 32 b60144wiexv12w1.txt EX-12.1 STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES . . . EXHIBIT 12.1 WELLMAN, INC. COMPUTATIONS OF RATIO OF EARNINGS (LOSS) TO FIXED CHARGES (IN THOUSANDS)
2005 2004 2003 2002 2001 -------- -------- --------- ------- ------- EARNINGS (LOSS) Earnings (Loss) from continuing operations before income taxes $(47,998) $(54,468) $(151,088) $35,434 $17,276 Interest 48,450 39,717 13,495 14,037 21,051 Less interest capitalized during the period (2,397) (440) (214) (303) (1,531) Amortization of capitalized interest 1,650 1,633 1,638 1,639 1,566 Amortization of debt discount and deferred financing costs not included in interest expense 0 6,638 0 307 424 Interest portion of rental expense 1,564 3,381 12,858 10,248 9,977 -------- -------- --------- ------- ------- TOTAL EARNINGS AVAILABLE $ 1,269 $ (3,539) $(123,311) $61,362 $48,763 -------- -------- --------- ------- ------- FIXED CHARGES Interest expense, net $ 45,379 $ 38,117 $ 10,131 $10,254 $17,957 Interest capitalized during the period 2,397 440 214 303 1,531 Interest income, netted in interest expense 674 1,160 3,150 3,480 1,563 -------- -------- --------- ------- ------- Gross interest 48,450 39,717 13,495 14,037 21,051 Amortization of debt discount and deferred financing costs not included in interest expense 0 6,638 0 307 424 Interest portion of rental expense 1,564 3,381 12,858 10,248 9,977 -------- -------- --------- ------- ------- TOTAL FIXED CHARGES $ 50,014 $ 49,736 $ 26,353 $24,592 $31,452 -------- -------- --------- ------- ------- RATIO OF EARNINGS TO FIXED CHARGES N/A N/A N/A 2.5 1.6 Deficiency of Earnings to Fixed Charges $ 48,745 $ 53,275 $ 149,664 N/A N/A