Exhibit 12
Ratio of Earnings to Fixed Charges
(In Thousands)
| | Three Months Ended | | | |
| | March 31, | | Year Ended December 31, | |
| | 2007 | | 2006 | | 2006 | | 2005 | | 2004 | | 2003 | | 2002 | |
Ratio of Earnings to Fixed Charges | | | | | | | | | | | | | | | |
Fixed Charges : | | | | | | | | | | | | | | | |
Interest on debt and capitalized leases | | $ | 32,175 | | $ | 4,206 | | $ | 51,728 | | $ | 19,487 | | $ | 22,088 | | $ | 35,824 | | $ | 46,944 | |
Amortization of debt discount and expense | | 1,295 | | 291 | | 2,087 | | 1,397 | | 2,579 | | 3,098 | | 3,417 | |
Interest element of rentals(a) | | 2,940 | | 1,963 | | 8,646 | | 7,623 | | 6,369 | | 6,171 | | 6,798 | |
Total Fixed Charges | | $ | 36,410 | | $ | 6,460 | | $ | 62,461 | | $ | 28,507 | | $ | 31,036 | | $ | 45,093 | | $ | 57,159 | |
| | | | | | | | | | | | | | | |
Earnings : | | | | | | | | | | | | | | | |
Consolidated net (loss) income | | $ | (34,571 | ) | $ | 33,681 | | $ | 48,539 | | $ | 95,503 | | $ | 105,892 | | $ | 12,495 | | $ | 31,195 | |
Addback: | | | | | | | | | | | | | | | |
Loss from discontinued operations, net of tax (d) | | 8,061 | | — | | 3,263 | | — | | — | | — | | — | |
Consolidated (benefit from) provision for income taxes | | (10,711 | ) | 20,757 | | 31,497 | | 46,855 | | 60,868 | | 5,245 | | 17,546 | |
Amortization of capitalized interest | | 361 | | 359 | | 1,449 | | 1,414 | | 1,329 | | 1,309 | | 1,293 | |
Interest capitalized | | (1,381 | ) | (148 | ) | (2,167 | ) | (357 | ) | (889 | ) | (726 | ) | (622 | ) |
Fixed charges less interest capitalized | | 36,410 | | 6,460 | | 62,461 | | 28,507 | | 31,036 | | 45,093 | | 57,159 | |
Total Earnings | | $ | (1,831 | ) | $ | 61,109 | | $ | 145,042 | (c) | $ | 171,922 | | $ | 198,236 | | $ | 63,416 | (b) | $ | 106,571 | |
| | | | | | | | | | | | | | | |
Ratio of Earnings to Fixed Charges | | — | (e) | 9.5 | | 2.3 | | 6.0 | | 6.4 | | 1.4 | | 1.9 | |
| | | | | | | | | | | | | | | |
Rent/Lease Expense | | 8,908 | | 5,948 | | 26,200 | | 23,100 | | 19,300 | | 18,700 | | 20,600 | |
(a) We estimated our interest factor for rentals to be 33.3 percent of our actual rental costs.
(b) 2003 earnings excluded addback for costs related to the early retirement of debt totaling $13.8 million.
(c) 2006 earnings excluded addbacks for costs related to loss on foreign exchange forward purchase contracts totaling $20.8 million, costs related to the early retirement of debt and write off of bridge financing fees totaling $5.3 million.
(d) Net of tax of $2,228 for the three months ended March 31, 2007 and $1,841 for the year ended December 31, 2006.
(e) For the quarter ended March 31, 2007, our earnings were insufficient to cover fixed charges by $38.2 million.
