Exhibit 12.1
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
| Year ended December 31 | Three months ended March 31, 2004 | ||||||||||||||
| 2000 | 2001 | 2002 | 2003 | ||||||||||||
Consolidated pretax income from continuing operations | $ | 12,027 | $ | 18,332 | $ | 13,787 | $ | 36,981 | $ | 14,818 | |||||
Interest expense | 77,658 | 71,712 | 61,088 | 64,001 | 16,600 | ||||||||||
Interest portion of rental expense | 1,923 | 1,121 | 1,043 | 957 | 242 | ||||||||||
Earnings | $ | 91,608 | $ | 91,165 | $ | 75,918 | $ | 101,939 | $ | 31,660 | |||||
Interest expense | $ | 77,658 | $ | 71,712 | $ | 61,088 | $ | 64,001 | $ | 16,600 | |||||
Interest portion of rental expense | 1,923 | 1,121 | 1,043 | 957 | 242 | ||||||||||
Fixed charges | $ | 79,581 | $ | 72,833 | $ | 62,131 | $ | 64,958 | $ | 16,842 | |||||
Ratio of Earnings to Fixed Charges | 1.2 | 1.3 | 1.2 | 1.6 | 1.9 | ||||||||||
PRO FORMA COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
| Year ended December 31, 2003 | |||
Pro forma consolidated pretax income from continuing operations | $ | 17,463 | |
Pro forma interest expense | 96,955 | ||
Interest portion of rental expense | 957 | ||
Pro forma Earnings | $ | 115,375 | |
Pro forma interest expense | $ | 96,955 | |
Interest portion of rental expense | 957 | ||
Pro forma Fixed Charges | $ | 97,912 | |
Pro form Ratio of Earnings to Fixed Charges | 1.2 | ||