Exhibit 12.1
Statement of Computation of Ratios
The following illustrates the computation of the historical ratio of earnings to fixed charges:
Fiscal Year Ended December 31, | Nine Months Ended September 30, 2004 | |||||||||||||||||||||
1999 | 2000 | 2001 | 2002 | 2003 | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||||||
Interest on debt and capitalized leases | $ | 5,852 | $ | 9,873 | $ | 7,926 | $ | 6,706 | $ | 18,568 | $ | 32,008 | ||||||||||
Amortization of debt discount and expense | 414 | 572 | 1,159 | 1,945 | 3,765 | 6,862 | ||||||||||||||||
Interest element of rentals* | 3,698 | 3,572 | 3,698 | 3,484 | 4,255 | 7,148 | ||||||||||||||||
Investee’s fixed charges | — | 241 | 487 | — | — | — | ||||||||||||||||
Total Fixed Charges | $ | 9,964 | $ | 14,258 | $ | 13,270 | $ | 12,135 | $ | 26,588 | $ | 46,015 | ||||||||||
Earnings: | ||||||||||||||||||||||
Net income (loss) | $ | 50,915 | $ | 68,018 | $ | 15,301 | $ | (93,902 | ) | $ | 40,683 | $ | 120,982 | |||||||||
Add back: | ||||||||||||||||||||||
Loss (income) from discontinued operations | (12,169 | ) | (6,413 | ) | (4,712 | ) | 117,875 | — | — | |||||||||||||
Income tax provision | 28,404 | 43,522 | 6,770 | 13,613 | 26,131 | 75,736 | ||||||||||||||||
Loss on equity method investment | — | 3,329 | 5,741 | — | — | — | ||||||||||||||||
Fixed charges less interest capitalized | 9,944 | 14,244 | 13,065 | 12,135 | 26,588 | 46,018 | ||||||||||||||||
Total Earnings | $ | 77,094 | $ | 122,700 | $ | 36,165 | $ | 49,721 | $ | 93,402 | $ | 242,736 | ||||||||||
Ratio of Earnings to Fixed Charges | 7.7 | 8.6 | 2.7 | 4.1 | 3.5 | 5.3 | ||||||||||||||||
* | We determined the interest component of rent expense to be 10%. |