Exhibit 12.1
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS
Years Ended September 30, | ||||||||||||||||
2000 | 1999 | 1998 | 1997 | 1996 | ||||||||||||
Statement of Earnings to Fixed Charges | (dollars in thousands) | |||||||||||||||
Fixed Charges: | ||||||||||||||||
Interest expense | $ | 630,397 | $ | 215,523 | $ | 120,355 | $ | 61,189 | $ | 37,266 | ||||||
Amortization of debt issuance costs | 1,788 | 230 | 281 | 204 | 127 | |||||||||||
Estimated interest within rental expense | 14,202 | 12,213 | 7,281 | 4,152 | 1,181 | |||||||||||
Preference securities dividend requirement of consolidated subsidiaries | — | 6,083 | 6,840 | 2,203 | 208 | |||||||||||
Total fixed charges | $ | 646,387 | $ | 234,049 | $ | 134,757 | $ | 67,748 | $ | 38,782 | ||||||
Earnings: | ||||||||||||||||
Income (loss) before income taxes, minority interest, extraordinary item and cumulative effect of accounting change less equity in income (losses) of investments | $ | 115,962 | $ | (74,568 | ) | $ | 2,312 | $ | 33,218 | $ | 5,537 | |||||
Fixed charges | 646,387 | 234,049 | 134,757 | 67,748 | 38,782 | |||||||||||
Less: | ||||||||||||||||
Preference securities dividend requirement of consolidated subsidiaries | — | (6,083 | ) | (6,840 | ) | (2,203 | ) | (208 | ) | |||||||
Earnings | $ | 762,349 | $ | 153,398 | $ | 130,229 | $ | 98,763 | $ | 44,111 | ||||||
Ratio of earnings to fixed charges | 1.18 | 0.66 | 0.97 | 1.46 | 1.14 | |||||||||||
Pro forma ratio of earnings to fixed charges | 1.13 | — | — | — | — | |||||||||||
Excess (deficiency) of earnings to fixed charges | $ | 115,962 | $ | (80,651 | ) | $ | (4,528 | ) | $ | 31,015 | $ | 5,329 | ||||
Pro forma excess (deficiency) of earnings to fixed charges | $ | 88,858 | $ | — | $ | — | $ | — | $ | — | ||||||
The ratio of earnings to fixed charges is computed by dividing fixed charges into income (loss) before income taxes, minority interest, extraordinary items and the cumulative effect of accounting change less equity in the income (losses) of investments plus fixed charges less the preference securities dividend requirement of consolidated subsidiaries. Fixed charges include, as applicable, interest expense, amortization of debt issuance costs, the estimated interest component of rent expense, and the preference securities dividend requirement of consolidated subsidiaries.
The pro forma ratio gives effect to the issuance of the 6% Convertible Subordinated Notes as of the beginning of fiscal 2000, and the repayment of bank borrowings with the proceeds from the offering for the year ended September 30, 2000.