EX-12.1 49 a2148132zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Predecessor

 

Successor

 

 

 

Year Ended December 31,

 

Nine Months Ended September  30,

 

Period from January 1, 2004 through August 20

 

Period from August 21, 2004 through September  30,

 

 

 

1999

 

2000

 

2001

 

2002

 

2003

 

2003

 

2004

 

2004

 

 

 

(dollars in thousands)

 

Net income (loss) before income taxes

 

80,384

 

(107,690

)

74,704

 

(69,996

)

114,933

 

83,967

 

48,257

 

8,079

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charge

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense incurred

 

(20,491

)

(29,419

)

(24,965

)

(26,498

)

(23,506

)

(18,460

)

(16,000

)

(9,139

)

Interest portion of lease expense

 

(7,812

)

(19,342

)

(21,616

)

(23,459

)

(21,883

)

(16,250

)

(13,878

)

(2,372

)

Total fixed charges

 

(28,303

)

(48,761

)

(46,581

)

(49,957

)

(45,389

)

(34,710

)

(29,878

)

(11,511

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) before income taxes and fixed charges

 

108,687

 

(58,929

)

121,285

 

(20,039

)

160,322

 

118,677

 

77,135

 

19,590

 

Ratio of earnings to fixed charges

 

3.8

x

 

2.7

x

 

3.6

x

3.5

x

2.7

x

1.7

x

 

(1)           The ratio of earnings to fixed charges was calculated by dividing (i) net income (loss) before income taxes and fixed charges by (ii) fixed charges which consist of interest expense incurred, including amortization of debt expense and discount, and one-third of rental expense, which approximates the interest portion of our rental expense.  For the years ended December 31, 2000 and 2002, our earnings were not sufficient to cover our fixed charges by $58.9 million and $20.0 million, respectively.