Exhibit 12.1
COMPUTATION OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
(Dollars in thousands)
Six Months Ended June 30, | Fiscal Year Ended December 31, | |||||||||||||||||||||||||||||||
2005 | 2004 | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 2,133 | $ | 27,010 | $ | 82,958 | $ | 34,741 | $ | 21,546 | $ | 6,222 | $ | 27,474 | ||||||||||||||||||
Add: fixed charges from below | 37,155 | 17,257 | 34,025 | 19,757 | 20,488 | 27,981 | 36,924 | |||||||||||||||||||||||||
Earnings before fixed charges | 39,288 | 44,267 | 116,983 | 54,498 | 42,034 | 34,203 | 64,398 | |||||||||||||||||||||||||
Interest expense (including amortization of debt issue costs) | 31,507 | 12,464 | 24,458 | 11,124 | 12,055 | 20,581 | 30,891 | |||||||||||||||||||||||||
Capitalized interest | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Interest component of operating leases | 5,648 | 4,793 | 9,567 | 8,633 | 8,433 | 7,400 | 6,033 | |||||||||||||||||||||||||
Fixed charges | 37,155 | 17,257 | 34,025 | 19,757 | 20,488 | 27,981 | 36,924 | |||||||||||||||||||||||||
Ratio of earnings to fixed charges | 1.06 | x | 2.57 | x | 3.44 | x | 2.76 | x | 2.05 | x | 1.22 | x | 1.74 | x |
(a) | For purposes of calculating the ratio of earnings to fixed charges, earnings are defined as income from continuing operations before income taxes plus fixed charges. Fixed charges include interest expense (including amortization of deferred financing costs) and an estimate of operating rental expense, approximately 33%, which management believes is representative of the interest component. |