EX-12 8 w05433exv12.htm EX-12 exv12
 

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

                                         
    Years ended December 31,  
    2004     2003     2002     2001 (a)     2000 (a)  
Earnings—
                                        
Pre-tax income (loss) from continuing operations
   $ 44,128     $ 19,972     $ 13,950     $ (95,614 )   $ (303,576 )
Add: Allocated (gains) losses of equity investees
     ¾       (40,586 )     ¾       26,495       119,183  
Fixed charges
     18,449       62,324       22,824       26,100       29,613  
Amortization of capitalized interest
     180       180       182       222       3,846  
Less: Interest capitalized
     ¾       ¾       ¾       ¾       (1,846 )
 
                              
Earnings
   $ 62,757     $ 41,890     $ 36,956     $ (42,797 )   $ (152,780 )
 
                              
Fixed Charges—
                                        
Interest costs
   $ 11,386     $ 18,683     $ 17,450     $ 21,671     $ 25,883  
Debt extinguishment expense
     2,099       38,836       ¾       ¾       ¾  
Portion of rental expense representative of interest factor
     4,964       4,805       5,374       4,429       3,730  
 
                              
Fixed Charges
   $ 18,449     $ 62,324     $ 22,824     $ 26,100     $ 29,613  
 
                              
Ratio of Earnings to Fixed Charges
     3.4       0.7       1.6       ¾       ¾  
 
                              

(a)   For the years ending December 31, 2001 and 2000, earnings were inadequate to cover fixed charges by approximately $68.9 million and $182.4 million, respectively.