Exhibit 12.1
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
| Year Ended December 31 | Six Months Ended June 30, 2004 | ||||||||||||||
| 2000 | 2001 | 2002 | 2003 | ||||||||||||
Consolidated pretax income from continuing operations | $ | 12,027 | $ | 18,332 | $ | 13,787 | $ | 36,981 | $ | 23,276 | |||||
Interest expense | 77,658 | 71,712 | 61,088 | 64,001 | 33,079 | ||||||||||
Interest portion of rental expense | 1,923 | 1,121 | 1,043 | 957 | 484 | ||||||||||
Earnings | $ | 91,608 | $ | 91,165 | $ | 75,918 | $ | 101,939 | $ | 56,839 | |||||
Interest expense | $ | 77,658 | $ | 71,712 | $ | 61,088 | $ | 64,001 | $ | 33,079 | |||||
Interest portion of rental expense | 1,923 | 1,121 | 1,043 | 957 | 484 | ||||||||||
Fixed charges | $ | 79,581 | $ | 72,833 | $ | 62,131 | $ | 64,958 | $ | 33,563 | |||||
Ratio of earnings to fixed charges | 1.2 | 1.3 | 1.2 | 1.6 | 1.7 | ||||||||||
PRO FORMA COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
| Year Ended December 31, 2003 | Six Months Ended June 30, 2004 | |||||
Pro forma consolidated pretax income from continuing operations | $ | 28,373 | $ | 11,612 | ||
Pro forma interest expense | 86,045 | 43,119 | ||||
Interest portion of rental expense | 957 | 484 | ||||
Pro forma earnings | $ | 115,375 | $ | 55,215 | ||
Pro forma interest expense | $ | 86,045 | $ | 43,119 | ||
Interest portion of rental expense | 957 | 484 | ||||
Pro forma fixed charges | $ | 87,002 | $ | 43,603 | ||
Pro form ratio of earnings to fixed charges | 1.3 | 1.3 | ||||