EX-12.1 10 a2044308zex-12_1.txt COMP OF EARNINGS Exhibit 12.1 Computation of Ratios of Earnings to Fixed Charges
YEARS ENDED DECEMBER 31, ----------------------------------------------------------- 1996 1997 1998 1999 2000 -------- -------- ------- -------- -------- INCOME AVAILABLE FOR FIXED CHARGES Income (loss) before income taxes and minority interest and extraordinary items $(41,358) $(34,649) $33,906 $ 77,301 $118,156 Fixed Charges 41,485 60,216 62,312 52,411 39,802 Less capitalized interest (3,033) (8,391) (1,086) (115) (717) Less minority partner preferred equity return (1,542) (2,307) (2,360) (2,063) (1,527) -------- -------- ------- -------- -------- Income (loss) available for fixed charges $ (4,448) $ 14,869 $92,772 $127,534 $155,714 -------- -------- ------- -------- -------- -------- -------- ------- -------- -------- FIXED CHARGES Interest expense $ 34,842 $ 47,116 $57,487 $ 48,594 $ 34,768 Minority partner preferred equity return 1,542 2,307 2,360 2,063 1,527 Capitalized interest 3,033 8,391 1,086 115 717 Interest portion of rent expense 2,068 2,402 1,379 1,639 2,790 -------- -------- ------- -------- -------- Total fixed charges $ 41,485 $ 60,216 $62,312 $ 52,411 $ 39,802 -------- -------- ------- -------- -------- -------- -------- ------- -------- -------- Ratio of earnings to fixed charges (a) (a) 1.5 x 2.4 x 3.9 x
(a) Earnings were inadequate to cover fixed charges for the Pro Forma years ended 1996 and 1997. ------------ Year Ended December 31, 2000 INCOME AVAILABLE FOR FIXED CHARGES Income (loss) before income taxes and minority interest and extraordinary items $ 83,035 Fixed Charges 72,731 Less capitalized interest (717) ------------ Income (loss) available for fixed charges $155,049 ============ FIXED CHARGES Interest expense $ 69,224 Capitalized interest 717 Interest portion of rent expense 2,790 ------------ Total fixed charges $ 72,731 ------------ ------------ Ratio of earnings to fixed charges 2.1 x