EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in thousands)
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| Nine Month |
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| Period Ended |
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| September 30, |
| Fiscal years ended December 31, |
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| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
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Income (loss) from continuing operations, before taxes and minority interest |
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| $ | 251,746 |
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| $ | 27,886 |
| $ | 57,152 |
| $ | (26,796 | ) | $ | 69,608 |
| $ | 47,219 |
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Fixed charges: |
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Total interest including amortization of debt discount and issue costs and amounts capitalized |
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| $ | 209,871 |
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| $ | 177,919 |
| $ | 146,026 |
| $ | 152,032 |
| $ | 153,280 |
| $ | 170,848 |
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Rentals |
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| 5,617 |
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| 4,715 |
| 5,383 |
| 3,660 |
| 3,174 |
| 3,499 |
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Total fixed charges |
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| $ | 215,488 |
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| $ | 182,634 |
| $ | 151,409 |
| $ | 155,692 |
| $ | 156,454 |
| $ | 174,347 |
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Earnings before income or loss from equity earnings plus fixed charges less capitalized interest |
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| $ | 466,720 |
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| $ | 210,567 |
| $ | 208,656 |
| $ | 129,084 |
| $ | 225,981 |
| $ | 221,188 |
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Ratio of earnings to fixed charges (a)(b) |
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| 2.2x |
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| 1.2x |
| 1.4x |
| — |
| 1.4x |
| 1.3x |
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(a) Interest expense was not adjusted for the 2003 divestitures of AIMCOR and JW Aluminum.
(b) Due to losses during the fiscal year ended December 31, 2003, the ratio coverage for that period was less than 1:1. The coverage deficiency was $26.6 million.