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Exhibit 12.1
Computation of Ratio of EBITDA to interest expense
| For the 12 Months Ended December 31, | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||
EBITDA: | |||||||||||||||||
Net income | $ | 292,157 | $ | 215,270 | $ | 229,912 | $ | 217,586 | $ | 38,886 | |||||||
Add: Interest expense | 194,999 | 185,375 | 169,974 | 173,549 | 91,112 | ||||||||||||
Add: Depreciation and amortization | 55,286 | 46,948 | 34,573 | 33,529 | 10,219 | ||||||||||||
Add: Minority interest in consolidated entities | 249 | 162 | 218 | 195 | 41 | ||||||||||||
Add: Cumulative effect of change in accounting principle | — | — | 282 | — | — | ||||||||||||
Add: Costs incurred in acquiring external advisor | — | — | — | — | 94,476 | ||||||||||||
Less: (Loss) income from discontinued operations | (1,916 | ) | (7,614 | ) | (10,429 | ) | (7,960 | ) | (853 | ) | |||||||
Less: Gain from discontinued operations | (5,167 | ) | (717 | ) | (1,145 | ) | (2,948 | ) | — | ||||||||
Total EBITDA | $ | 535,608 | $ | 439,424 | $ | 423,385 | $ | 413,951 | $ | 233,881 | |||||||
Interest expense | $ | 194,999 | $ | 185,375 | $ | 169,974 | $ | 173,549 | $ | 91,112 | |||||||
EBITDA/Interest expense | 2.75 | x | 2.37 | x | 2.49 | x | 2.39 | x | 2.57 | x |
Computation of Ratio of EBITDA to interest expense