EX-12.01 2 c79860p1exv12w01.txt STATEMENT OF COMPUTATION OF RATIOS - FIXED CHARGES Exhibit 12.01 Statement of Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends CALCULATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
For the Three Months Ended March 31, For the Years Ended December 31, --------------------------------------------------------------------------------- ($ in 000's, except for Ratios) 2004 2003 2002 2001 2000 1999 1998 ------------ ------- -------- --------- -------- ------ ------ Fixed Charges: Interest Expense $ 2,897 $ 30,162 $ 30,873 $ 21,489 $ 19,790 $12,718 $14,862 Capitalized Interest - - - - 1,913 - - A/R Securitization Costs - 1,022 4,072 2,228 7,060 5,804 3,966 Estimated Interest in Rent Expense 230 1,425 2,310 4,470 2,700 2,175 1,950 Pre-Tax Preferred Dividend Requirements - 1,053 1,563 1,845 1,903 3,497 2,303 --------- -------- -------- --------- -------- ------- ------- Total Fixed Charges $ 3,127 $ 33,662 $ 38,818 $ 30,032 $ 33,366 $24,194 $23,081 Earnings: Additions: Income (Loss) before Taxes $ 6,859 $(57,227) $(71,468) $(275,025) $(11,050) $64,733 $38,497 Fixed Charges 3,127 33,662 38,818 30,032 33,366 24,194 23,081 Amort. of Capitalized Interest 18 73 73 162 30 - - Distributed Income of Equity Investees - - - - - - - Pre-Tax Losses of Equity Investees - - - - - - - --------- --------- --------- ---------- --------- -------- -------- $ 10,004 $(23,492) $(32,577) $(244,831) $ 22,346 $88,927 $61,578 Subtractions: Interest Capitalized $ - $ - $ - $ - $ 1,913 $ - $ - Pre-Tax Preferred Dividend Requirement - 1,053 1,563 1,845 1,903 3,497 2,303 Minority Interest in Pre-Tax of Subs that have not incurred fixed charges - - - - - - - --------- --------- -------- --------- -------- ------- ------- $ - $ 1,053 $ 1,563 $ 1,845 $ 3,816 $ 3,497 $ 2,303 --------- --------- -------- --------- -------- ------- ------- $ 10,004 $(24,545) $(34,140) $(246,676) $ 18,530 $85,430 $59,275 Ratio of Earnings to Combined Fixed Charges Preferred Stock Dividends 3.20 - - - - 3.53 2.57 Earnings Deficiency $ - $ 58,207 $ 72,958 $ 276,708 $ 14,836 $ - $ -
For the years ended December 31, 2003, 2002, 2001, and 2000, earnings are inadequate to cover fixed charges and the dollar amount of the coverage deficiency is described in the above table. PRO FORMA CALCULATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
For the Year Ended December 31, 2003 ------------------ Fixed Charges: Interest Expense $ 14,754 (a) Capitalized Interest - A/R Securitization Costs - Estimated Interest in Rent Expense 1,425 Pre-Tax Preferred Dividend Requirements 1,053 ------- Total Fixed Charges $ 17,232 Earnings: Additions: Income (Loss) before Taxes $ 2,225 (a) Fixed Charges 17,232 Amort. of Capitalized Interest 73 Distributed Income of Equity Investees - Pre-Tax Losses of Equity Investees - ------- $ 19,530 Subtractions: Interest Capitalized $ - Pre-Tax Preferred Dividend Requirements 1,053 Minority Interest in Pre-Tax of Subs that have not incurred fixed charges - ------- $ 1,053 ------- $ 18,477 Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends 1.07 Earnings Deficiency -
------------------- (a) To record the effects of the refinancing. Interest expense on the convertible notes is 3.25%. Interest on the term loan is LIBOR plus 300 basis points, decreasing to 275 basis points after six months. Interest on the revolver is at LIBOR plus 275 basis points, decreasing to 250 basis points after six months. Additionally, interest expenses includes an unused facility fee at a rate of 37.5 basis points per annum, letter of credit fees and amortization of deferred loan costs. The average of the 30 day LIBOR was 1.23% and 1.76% for the years ended December 31, 2003 and December 31, 2002, respectively. The effect of a 12.5 basis point change in LIBOR would change interest expenses approximately $0.2 million and $0.2 million for the years ended December 31, 2003 and 2002, respectively.