EXHIBIT 12.1
Ratio of Earnings to Fixed Charges
| Nine months ended September 30, | Year ended December 31, | |||||||||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||
| (In thousands, except ratios) | ||||||||||||||||||||||
Income (loss) before income taxes and extraordinary item | $ | 58,783 | $ | 36,087 | $ | (98,662 | ) | $ | (164,151 | ) | $ | (69,493 | ) | $ | (32,873 | ) | ||||||
Add fixed charges | ||||||||||||||||||||||
Interest expense | 8,856 | 15,364 | 17,231 | 15,828 | 5,469 | 2,600 | ||||||||||||||||
Interest portion of rent expense | 4,585 | 6,235 | 6,995 | 4,935 | 3,333 | 1,600 | ||||||||||||||||
Income (loss) before income taxes, extraordinary item and fixed charges | $ | 72,224 | $ | 57,686 | $ | (74,436 | ) | $ | (143,388 | ) | $ | (60,691 | ) | $ | (28,673 | ) | ||||||
Fixed charges | ||||||||||||||||||||||
Interest expense | $ | 8,856 | $ | 15,364 | $ | 17,231 | $ | 15,828 | $ | 5,469 | $ | 2,600 | ||||||||||
Interest portion of rent expense | 4,585 | 6,235 | 6,995 | 4,935 | 3,333 | 1,600 | ||||||||||||||||
Total fixed charges | $ | 13,441 | $ | 21,599 | $ | 24,226 | $ | 20,763 | $ | 8,802 | $ | 4,200 | ||||||||||
Ratio of earnings to fixed charges (1) | 5.4 | 2.7 | N/A | N/A | N/A | N/A | ||||||||||||||||
Deficiency of earnings to fixed charges (2) | N/A | N/A | $ | (98,662 | ) | $ | (164,151 | ) | $ | (69,493 | ) | $ | (32,873 | ) | ||||||||
| (1) | Ratio of earnings to fixed charges means the ratio of net income (before fixed charges and income taxes) to fixed charges, where fixed charges are the aggregate of interest expense, including amortization of the debt issuance costs, and an allocation of rental charges to approximate equivalent interest. |
| (2) | Due to net losses incurred in 2001, 2000, 1999 and 1998, the ratio of earnings to fixed charges in those years was less than 1:1. We would have had to generate additional earnings in the amounts indicated in the table to have achieved a ratio of 1:1. |
Pro Forma (1) Ratio of Earnings to Fixed Charges
| Nine months ended September 30, 2003 | Year ended December 31, 2002 | |||||||
| (In thousands, except ratios) | ||||||||
Income before income taxes, as reported | $ | 58,783 | $ | 36,087 | ||||
Add interest expense, 5.0% convertible subordinated notes and 0.5% convertible subordinated debentures | 8,209 | 13,753 | ||||||
Subtract pro forma interest expense, 0.5% convertible subordinated debentures | (2,201 | ) | (2,935 | ) | ||||
Pro forma income before income taxes (1) | 64,791 | 46,905 | ||||||
Add: | ||||||||
Pro forma interest expense, 0.5% convertible subordinated debentures and other debt (1) | 2,848 | 4,546 | ||||||
Interest portion of rent expense | 4,585 | 6,235 | ||||||
Income before income taxes and fixed charges | $ | 72,224 | $ | 57,686 | ||||
Pro forma fixed charges | ||||||||
Pro forma interest expense, 0.5% convertible subordinated debentures and other debt (1) | $ | 2,848 | $ | 4,546 | ||||
Interest portion of rent expense | 4,585 | 6,235 | ||||||
Pro forma fixed charges (1) | $ | 7,433 | $ | 10,781 | ||||
Pro forma ratio of earnings to fixed charges (1) | 9.7 | 5.4 | ||||||
| (1) | The pro forma figures reflect interest expense on the new debt as if it had replaced the old debt at the beginning of each period. |
1
