EX-12.1 2 a06-9848_1ex12d1.htm EX-12

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Three Month

 

 

 

 

 

 

 

 

 

 

 

 

 

Period Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

Fiscal years ended December 31,

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

2001

 

Income (loss) from continuing operations, before taxes

 

 

$

53,478

 

 

$

27,886

 

$

57,152

 

$

(26,796

)

$

69,608

 

$

47,219

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest including amortization of debt discount and issue costs and amounts capitalized

 

 

$

72,859

 

 

$

177,919

 

$

146,026

 

$

152,032

 

$

153,280

 

$

170,848

 

Rentals

 

 

1,717

 

 

4,715

 

5,383

 

3,660

 

3,174

 

3,499

 

Total fixed charges

 

 

$

74,576

 

 

$

182,634

 

$

151,409

 

$

155,692

 

$

156,454

 

$

174,347

 

Earnings before income or loss from equity earnings plus fixed charges less capitalized interest

 

 

$

127,779

 

 

$

210,567

 

$

208,656

 

$

129,084

 

$

225,981

 

$

221,188

 

Ratio of earnings to fixed charges (a)(b)

 

 

1.7

x

 

1.2

x

1.4

x

—

 

1.4

x

1.3

x

(a)           Interest expense was not adjusted for the 2003 divestitures of AIMCOR and JW Aluminum.

(b)          Due to losses during the fiscal year ended December 31, 2003, the ratio coverage for that period was less than 1:1. The coverage deficiency was $26.6 million.