EX-12.1 6 a05-1799_1ex12d1.htm EX-12.1

EXHIBIT 12.1

 

Computation of Ratio of Earnings to Fixed Charges

 

 

 

Year ended December 31,

 

 

 

2000

 

2001

 

2002

 

2003

 

2004

 

 

 

(In thousands, except ratios)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations before adjustment for minority interests in consolidated subsidiaries

 

$

(55,859

)

$

2,857

 

$

23,785

 

$

31,435

 

$

47,395

 

Fixed charges (see below)

 

4,431

 

5,104

 

6,319

 

6,957

 

11,197

 

 

 

$

(51,428

)

$

7,961

 

$

30,104

 

$

38,392

 

$

58,592

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized

 

$

436

 

$

432

 

$

1,357

 

$

2,077

 

$

7,028

 

Amortized premiums, discounts and capitalized expenses relating to indebtedness

 

—

 

50

 

243

 

349

 

188

 

Estimate of the interest within rental expense (1)

 

3,995

 

4,622

 

4,719

 

4,531

 

3,981

 

 

 

$

4,431

 

$

5,104

 

$

6,319

 

$

6,957

 

$

11,197

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges with rent interest

 

(11.61

)

1.56

 

4.76

 

5.52

 

5.23

 

 

(1) Represents the portion of operating rental expense that management believes is representative of the interest component of rental expense excluding restructuring charges associated with branch and administrative office closings.