EX-12 4 w84210exv12.htm COMPUTATION OF RATIO OF FIXED EARNINGS exv12
 

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

                                               
          Years ended December 31,
         
          2002   2001(a)   2000(a)   1999 (a)   1998
         
 
 
 
 
Earnings—
                                       
Pre-Tax income (loss) from continuing
                                       
   
operations
  $ 13,685     $ (95,614 )   $ (303,576 )   $ (184,280 )   $ (54,600 )
Add: Allocated losses of equity investees
          26,495       119,183       84,545       75,052  
     
Fixed charges
    22,824       26,100       29,613       25,850       9,434  
     
Amortization of capitalized interest
    182       222       3,846       4,893       1,504  
Less: Interest capitalized
                (1,846 )     (3,100 )     (1,705 )
   
 
   
     
     
     
     
 
 
Earnings
  $ 36,691     $ (42,797 )   $ (152,780 )   $ (72,092 )   $ 29,685  
   
 
   
     
     
     
     
 
Fixed Charges—
                                       
     
Interest costs, both capital and expense, and amortization of debt costs
  $ 17,450     $ 21,671     $ 25,883     $ 22,920     $ 7,511  
     
Portion of rental expense representative of interest factor
    5,374       4,429       3,730       2,930       1,923  
   
 
   
     
     
     
     
 
 
Fixed Charges
  $ 22,824     $ 26,100     $ 29,613     $ 25,850     $ 9,434  
   
 
   
     
     
     
     
 
 
Ratio of Earnings to Fixed Charges
    1.6                         3.1  
   
 
   
     
     
     
     
 


(a)   For purposes of computing the ratio of earnings to fixed charges, earnings include pre-tax income (loss) from continuing operations and fixed charges less capitalized interest. Earnings are also adjusted to exclude allocated share of losses of affiliates. Fixed charges consist of interest expense, capitalized interest, a portion of rental expense (deemed by management to be representative of the interest factor of rental payments) and amortization of debt issuance costs. Earnings were inadequate to cover fixed charges by approximately $68.9 million, $182.4 million and $97.9 million for the years ending December 31, 2001, 2000 and 1999, respectively.