Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
| Year Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||
| 2005 | 2004 | 2003 | 2002 | 2001 | 2006 | 2005 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) before provision for income taxes, equity in loss of unconsolidated affiliates and cumulative effect of change in accounting principle | $ | (150,382 | ) | $ | (4,682 | ) | $ | 59,637 | $ | (27,228 | ) | $ | (301,176 | ) | $ | (14,416 | ) | $ | (32,155 | ) | ||||||||
Add: Fixed charges | 60,988 | 57,542 | 66,610 | 74,240 | 107,441 | 15,875 | 14,392 | |||||||||||||||||||||
Less: Minority interest | (381 | ) | (452 | ) | (347 | ) | (446 | ) | (132 | ) | (102 | ) | (124 | ) | ||||||||||||||
Less: Equity investment | 249 | 412 | 2,678 | 3,225 | — | — | 281 | |||||||||||||||||||||
Total earnings before fixed charges | $ | (89,262 | ) | $ | 52,900 | $ | 123,916 | $ | 44,233 | $ | (193,603 | ) | $ | 1,561 | $ | (17,920 | ) | |||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | 53,440 | 50,526 | 60,733 | 68,303 | 100,700 | 14,071 | 12,442 | |||||||||||||||||||||
Estimated interest component of rent expense | 7,548 | 7,016 | 5,877 | 5,937 | 6,741 | 1,804 | 1,950 | |||||||||||||||||||||
Total fixed charges | $ | 60,988 | $ | 57,542 | $ | 66,610 | $ | 74,240 | $ | 107,441 | $ | 15,875 | $ | 14,392 | ||||||||||||||
Shortage | $ | 150,250 | $ | 4,642 | NA | $ | 30,007 | $ | 301,044 | $ | 14,314 | $ | 32,312 | |||||||||||||||
Ratio of earnings to fixed charges(1) | <1 | <1 | 1.86 | <1 | <1 | <1 | <1 | |||||||||||||||||||||
| (1) | The ratio of earnings to fixed charges is computed by dividing the sum of pre-tax income from continuing operations (before adjustment for minority interests in consolidated subsidiaries and loss from equity investees) plus fixed charges, by fixed charges. Fixed charges consist of interest charges, whether expensed or capitalized, and that portion of rental expense we believe to be representative of interest. |
