EX-12 10 a2057434zex-12.htm EXHIBIT 12 Prepared by MERRILL CORPORATION
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Exhibit 12


CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
  Fiscal Year Ended December 31,
  Six Months Ended June 30,
 
 
  1996
  1997
  1998
  1999
  2000
  2000
  2001
 
Income before taxes, extraordinary losses, equity losses, special bonus award and non-recurring items   22,456   62,635   93,647   175,578   229,832   105,398   96,919  
Fixed Charges   46,258   44,550   40,945   32,884   36,902   15,789   22,584  
   
 
 
 
 
 
 
 
Total Earnings   68,714   107,185   134,592   208,462   266,734   121,187   119,503  

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Interest expense   41,691   40,147   35,830   27,459   30,097   13,113   19,185  
Estimated rent expense interest (1/3)   1,633   2,773   3,438   3,984   5,444   1,992   2,722  
Amortization of deferred financing costs   2,934   1,630   1,677   1,441   1,361   684   677  
   
 
 
 
 
 
 
 
Total Fixed Charges   46,258   44,550   40,945   32,884   36,902   15,789   22,584  

Ratio of Earnings to Fixed Charges

 

1.5

x

2.4

x

3.3

x

6.3

x

7.2

x

7.7

x

5.3

x



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CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES