EX-12.1 3 y91690exv12w1.txt STATEMENT REGARDING COMPUTAION OF RATIO OF EARNING . . . Exhibit 12.1 RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS TO EARNINGS
THREE-MONTHS FISCAL FISCAL YEAR ENDED ENDED YEAR ENDED NINE MONTHS ENDED 9/27/1998 9/26/1999 9/24/2000 9/30/2001 12/30/2001 12/29/2002 9/29/2002 9/30/2003 --------- --------- --------- --------- ---------- ---------- --------- --------- ($ in thousands) FIXED CHARGES: Interest expense, net $ 20,860 $ 21,181 $ 19,538 $ 30,643 $ 8,212 $ 34,146 $ 25,776 $ 26,256 1/3 of operating lease rental expense (deemed to be interest) 333 400 433 800 167 994 741 622 -------- -------- -------- -------- ------- -------- -------- -------- TOTAL FIXED CHARGES $ 21,193 $ 21,581 $ 19,971 $ 31,443 $ 8,379 $ 35,140 $ 26,517 $ 26,878 PREFERENCE DIVIDENDS: Dividends on preferred stock (1) 53,714 61,324 45,809 -- -- -- -- -- -------- -------- -------- -------- ------- -------- -------- -------- TOTAL FIXED CHARGES AND PREFERENCE STOCK DIVIDENDS $ 74,907 $ 82,905 $ 65,781 $ 31,443 $ 8,379 $ 35,140 $ 26,517 $ 26,878 -------- -------- -------- -------- ------- -------- -------- -------- EARNINGS: Income before taxes and extraordinary items 33,742 11,021 (17,428) (11,284) (1,902) 6,626 4,880 3,216 Fixed charges 21,193 21,581 19,971 31,443 8,379 35,140 26,517 26,878 -------- -------- -------- -------- ------- -------- -------- -------- TOTAL EARNINGS $ 54,935 $ 32,602 $ 2,543 $ 20,159 $ 6,477 $ 41,766 $ 31,397 $ 30,094 -------- -------- -------- -------- ------- -------- -------- -------- Excess (Deficiency) of Earnings to Fixed Charges $ 33,742 $ 11,021 $(17,428) $(11,284) $ (1,902) $ 6,626 $ 4,880 $ 3,216 ======== ======== ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges 0.73 .39 -- -- -- 1.19 1.18 1.12 Excess (Deficiency) of Earnings to Fixed Charges and Preference Dividends $(19,972) $(50,303) $(63,237) $(11,284) $(1,902) $ 6,626 $ 4,880 $ 3,216 ======== ======== ======== ======== ======= ======== ======= ======== Ratio of Combined Fixed Charges and Preference Dividends to Earnings 1.36 2.54 25.86 1.56 1.29 0.84 0.84 0.89 Recalculation of dividends on preferred stock: Dividends on preferred stock $ 30,270 $ 34,749 $ 28,372 $ -- $ -- $ -- $ -- $ -- Income (Loss) from continuing operations $ 33,742 $ 11,021 $(17,428) $(11,284) $(1,902) $ 6,626 $ 4,880 $ 3,216 Income taxes related to continuing operations $ 14,727 $ 4,776 $ (6,634) $ (4,307) $ (686) $ 53,094 $49,242 $ 5,287 -------- -------- -------- -------- ------- -------- -------- -------- Effective tax rate applicable to continuing operations 43.6% 43.3% 38.1% 38.2% 36.1% 801.3% 109.1% 164.4% -------- -------- -------- -------- ------- -------- -------- ------- DIVIDENDS ON PREFERRED STOCK ON PRE-TAX BASIS (2) $ 53,714 $ 61,324 $ 45,809 $ -- $ -- $ -- $ -- $ -- -------- -------- -------- -------- ------- -------- -------- -------
NOTES: (1) Dividends on preferred stock were calculated in accordance with Regulation S-K, Item 503(d)(B), as: dividends on preferred stock divided by (1 minus effective tax rate applicable to continuing operations). (2) Effective tax rate applicable to continuing operations for fiscal year 2003 used for nine months ended 9/30/03.