EX-12.1 11 dex121.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of earnings to fixed charges

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Amounts in thousands)

 

     Years Ended January 31,

     2004

    2003

   2002

    2001

   2001

Earnings (loss), as defined:

   $ 2,036     $ 18,150      $ (29,837 )     $ 13,436    $  15,329

Net income (loss)

                                    

(Benefit from) provision for income taxes

     (4,112 )     7,059      (9,014 )     8,091      10,001

Fixed charges, as defined below

     43,226       45,742      47,433       20,617      19,641
    


 

  


 

  

Total earnings, as defined

   $  41,150     $ 70,951    $ 8,582     $ 42,144    $  44,971
    


 

  


 

  

Fixed charges, as defined

   $  43,226     $ 45,742    $ 47,433     $ 20,617    $  19,641
    


 

  


 

  

Total fixed charges, as defined

   $  43,226     $ 45,742    $ 47,433     $ 20,617    $  19,641
    


 

  


 

  

Ratio of earnings to fixed charges

     (1)       1.55      (2)       2.04      2.29
    


 

  


 

  

 

The Company’s consolidated ratios of earnings to fixed charges were computed by dividing earnings by fixed charges. For this purpose, earnings are the sum of net income (loss), the provision for (benefit from) income taxes and fixed charges. Fixed charges include interest expense, including the amortization of debt issue expenses and debt issue premiums and one-third of rent expense.

 

(1)    For the fiscal year ended January 31, 2004, earnings are insufficient to cover fixed charges as evidenced by a less than one-to-one coverage ratio as shown above. Additional earnings of approximately $2.1 million was necessary for the fiscal year ended January 31, 2004 to provide a one-to-one coverage ratio.

 

(2)    For the fiscal year ended January 31, 2002, earnings were insufficient to cover fixed charges as evidenced by a less than one-to-one coverage ratio as shown above. Additional earnings of approximately $38.9 million would have been necessary for the fiscal year ended January 31, 2002 to provide a one-to-one coverage ratio.