Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO EARNINGS TO FIXED CHARGES
Year Ended December 31, | Three Months Ended December 31, 2000 | Year Ended September 30, | ||||||||||||||||||
2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 531,698 | $ | 608,914 | $ | 832,137 | $ | 244,830 | $ | 630,397 | $ | 215,523 | ||||||||
Amortization of debt issuance costs | 3,084 | 3,217 | 3,432 | 711 | 1,788 | 230 | ||||||||||||||
Estimated interest within rental expense | 11,288 | 10,501 | 15,912 | 5,307 | 14,202 | 12,213 | ||||||||||||||
Preference securities dividend requirement of consolidated subsidiaries | — | — | — | — | — | 6,083 | ||||||||||||||
Total fixed charges | $ | 546,070 | $ | 622,632 | $ | 851,481 | $ | 250,848 | $ | 646,387 | $ | 234,049 | ||||||||
Earnings: | ||||||||||||||||||||
Income (loss) before income taxes, minority interest, extraordinary items and cumulative effect of accounting change less equity in income (losses) of investments | $ | 295,520 | $ | 184,870 | $ | (254,763 | ) | $ | 3,290 | $ | 115,962 | $ | (74,568 | ) | ||||||
Fixed charges | 546,070 | 622,632 | 851,481 | 250,848 | 646,387 | 234,049 | ||||||||||||||
Less: | ||||||||||||||||||||
Preference securities dividend requirement of consolidated subsidiaries | — | — | — | — | — | (6,083 | ) | |||||||||||||
Earnings | $ | 841,590 | $ | 807,502 | $ | 596,718 | $ | 254,138 | $ | 762,349 | $ | 153,398 | ||||||||
Ratio of earnings to fixed charges | 1.54 | 1.30 | 0.70 | 1.01 | 1.18 | �� | 0.66 | |||||||||||||
Excess (deficiency) of earnings to fixed charges | $ | 295,520 | $ | 184,870 | $ | (254,763 | ) | $ | 3,290 | $ | 115,962 | $ | (80,651 | ) | ||||||
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.