EX-12.1 3 dex121.txt STATEMENT OF COMPUTATION OF RATIOS Exhibit 12.1 STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($ IN MILLIONS)
Fiscal Q1 1999 2000 2001 2002 2003 2004 ---- ---- ---- ---- ---- --------- Earnings: Pretax income from continuing operations $117.0 $116.3 $28.7 $162.9 $163.3 $(114.6) Interest expense 79.1 93.9 87.7 76.3 69.2 11.9 Interest factor on rents 6.1 5.9 7.3 11.1 13.5 2.0 Amortization of Capitalized Interest 0.1 0.2 0.4 0.5 0.6 - Losses incurred by majority- owned subsidiaries not recorded 0.2 0.4 0.4 0.2 - ------ ------ ------ ------ ------ ------ $202.1 $215.9 $123.7 $250.8 $246.4 $(100.7) ====== ====== ====== ====== ====== ====== Fixed charges: Interest expense $79.1 $93.9 $ 87.7 $ 76.3 $ 69.2 $ 11.9 Interest capitalized 1.0 2.1 3.1 1.1 1.4 - ------ ------ ------ ------ ------ ------ Interest incurred 80.1 96.0 90.8 77.4 70.6 11.9 ------ ------ ------ ------ ------ ------ Rent expense 18.5 17.9 22.0 33.6 40.8 6.1 Estimated interest factor 33% 33% 33% 33% 33% 33% ------ ------ ------ ------ ------ ------ Interest factor on rents 6.1 5.9 7.3 11.1 13.5 2.0 ------ ------ ------ ------ ------ ------ Total fixed charges $86.2 $101.9 $98.1 $ 88.5 $ 84.1 $ 13.9 ====== ====== ====== ====== ====== ====== Ratio of earnings to fixed charges 2.3 2.1 1.3 2.8 2.9 (A) ====== ====== ====== ====== ====== ======
(A) Due to the Company's net loss in the first fiscal quarter of 2004, the ratio coverage was less than 1:1. The Company must generate additional earnings of $114.6 million to achieve a coverage of 1:1.