EX-12 22 grftecs4may02ex121.txt EXHIBIT 12.1 EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN MILLIONS)
Three Months Ended Three Years Ended December 31, March 31, ------------------------------------ ----------------------- 1997 1998 1999 2000 2001 2001 2002 ---- ---- ---- ---- ---- ---- ---- EARNINGS: Pre-Tax income from continuing operations $(122) $ (3) $ 46 $ 23 $ (70) $ 6 $ (8) Plus fixed charges 64 73 84 75 60 19 13 Plus amortization of capitalized interest 0 0 1 1 2 - - Less interest capitalized 0 0 1 1 1 - - ---- --- ----- ----- ---- ----- ---- TOTAL EARNINGS, BEFORE FIXED CHARGE $ (58) $ 70 $ 130 $ 98 $ (9) $ 25 $ 5 ---- --- ----- ----- ---- ----- ---- FIXED CHARGES: Interest expensed and capitalized $ 64 $ 73 $ 84 $ 75 $ 60 $ 19 $ 13 ---- --- ----- ----- ---- ----- ---- TOTAL FIXED CHARGES $ 64 $ 73 $ 84 $ 75 $ 60 $ 19 $ 13 ==== === ===== ===== ==== ===== ==== Ratio of earnings to fixed charges -- 0.96 1.55 1.31 -- 1.32 -- Earnings to fixed charge deficiency $ 122 $ 3 $ -- $ -- $ 69 $ 6 $ 8