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EXHIBIT 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| | Year Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 1999 | 2000 | 2001 | 2002 | 2003 | ||||||||
| EARNINGS | |||||||||||||
| Income from continuing operations before income from equity investees(1) | (103,360 | ) | 77,502 | 43,671 | 64,836 | 59,295 | |||||||
| Add: Fixed Charges | 25,974 | 33,283 | 34,409 | 36,157 | 42,622 | ||||||||
| Distributed income of equity investees | — | — | — | — | 395 | ||||||||
| Subtract: Capitalized Interest | — | — | (153 | ) | (773 | ) | (524 | ) | |||||
| Total Earnings | (77,386 | ) | 110,785 | 77,927 | 100,220 | 101,788 | |||||||
| FIXED CHARGES | |||||||||||||
| Interest Expensed and Capitalized | 21,139 | 28,691 | 29,235 | 29,830 | 35,750 | ||||||||
| Amortization of Debt Expense | 2,201 | 2,051 | 2,667 | 3,676 | 3,787 | ||||||||
| Portion of rent expense related to interest (33%) | 2,634 | 2,541 | 2,507 | 2,651 | 3,085 | ||||||||
| Total Fixed Charges | 25,974 | 33,283 | 34,409 | 36,157 | 42,622 | ||||||||
| RATIO OF EARNINGS TO FIXED CHARGES(2) | — | 3.33 | x | 2.26 | x | 2.77 | x | 2.39 | x | ||||
- (1)
- The 1999 and 2000 periods include losses of $1.5 million and $15.1 million, respectively, related to early extinguishment of debt previously classified as extraordinary items. Effective with the FASB's issuance of SFAS 145, "Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections "in April 2002, such items are included in income from continuing operations.
- (2)
- In 1999 available earnings failed to cover fixed charges by $103.4 million.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES