EXHIBIT 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES
| Nine Months Ended | Pro Forma Nine Months Ended | |||||||||||||||||||||||||||||
| Year Ended December 31, | September 30, | September 30, | ||||||||||||||||||||||||||||
| 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2003(1) | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||
| Pre-tax income | $ | 50,989 | $ | 79,080 | $ | 73,089 | $ | 34,382 | $ | 88,713 | $ | 41,157 | $ | 39,245 | ||||||||||||||||
| Fixed charges | 26,338 | 94,277 | 127,575 | 118,743 | 99,324 | 77,765 | 79,810 | |||||||||||||||||||||||
| Less: Preferred stock dividends | (3,234 | ) | (4,144 | ) | (4,144 | ) | (4,144 | ) | (4,144 | ) | (3,108 | ) | (3,108 | ) | ||||||||||||||||
| Less: Capitalized interest | (262 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
| Net fixed charges | 22,842 | 90,133 | 123,431 | 114,599 | 95,180 | 74,657 | 76,702 | |||||||||||||||||||||||
Earnings | $ | 73,831 | $ | 169,213 | $ | 196,520 | $ | 148,981 | $ | 183,893 | $ | 115,814 | $ | 115,947 | ||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||||
| Interest expense | $ | 20,267 | $ | 81,046 | $ | 111,929 | $ | 100,514 | $ | 83,908 | $ | 61,627 | $ | 63,540 | ||||||||||||||||
| Preferred stock dividends | 3,234 | 4,144 | 4,144 | 4,144 | 4,144 | 3,108 | 3,108 | |||||||||||||||||||||||
| Capitalized interest | 262 | — | — | — | — | — | ||||||||||||||||||||||||
| Amortization of debt costs | 865 | 4,930 | 6,254 | 6,689 | 5,255 | 3,499 | 3,631 | |||||||||||||||||||||||
| Interest factor of rental expense | 1,710 | 4,157 | 5,248 | 7,396 | 6,017 | 9,531 | 9,531 | |||||||||||||||||||||||
Total fixed charges | $ | 26,338 | $ | 94,277 | $ | 127,575 | $ | 118,743 | $ | 99,324 | $ | 77,765 | $ | 79,810 | ||||||||||||||||
Ratio of earnings to fixed charges | 2.8 | 1.8 | 1.5 | 1.3 | 1.9 | 1.5 | 1.5 | |||||||||||||||||||||||
| (1) | The pro forma ratio of earnings to fixed charges for the nine months ended September 30, 2003 shows the effects of this debt offering as though it had occurred on January 1, 2003, including the interest rate swap we entered into concurrent to this offering that qualified as a hedge. This would have increased our interest expense by approximately $2.6 million and our amortization of debt costs by approximately $0.1 million. |