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Content analysis
?Positive | ||
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8th grade Good
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EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
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| Year ended December 31, |
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| 2000 |
| 2001 |
| 2002 |
| 2003 |
| 2004 |
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| (In thousands, except ratios) |
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Earnings: |
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Pretax income from continuing operations before adjustment for minority interests in consolidated subsidiaries |
| $ | (55,859 | ) | $ | 2,857 |
| $ | 23,785 |
| $ | 31,435 |
| $ | 47,395 |
|
Fixed charges (see below) |
| 4,431 |
| 5,104 |
| 6,319 |
| 6,957 |
| 11,197 |
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|
| $ | (51,428 | ) | $ | 7,961 |
| $ | 30,104 |
| $ | 38,392 |
| $ | 58,592 |
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Fixed charges: |
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Interest expensed and capitalized |
| $ | 436 |
| $ | 432 |
| $ | 1,357 |
| $ | 2,077 |
| $ | 7,028 |
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Amortized premiums, discounts and capitalized expenses relating to indebtedness |
| — |
| 50 |
| 243 |
| 349 |
| 188 |
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Estimate of the interest within rental expense (1) |
| 3,995 |
| 4,622 |
| 4,719 |
| 4,531 |
| 3,981 |
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| $ | 4,431 |
| $ | 5,104 |
| $ | 6,319 |
| $ | 6,957 |
| $ | 11,197 |
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Ratio of earnings to fixed charges with rent interest |
| (11.61 | ) | 1.56 |
| 4.76 |
| 5.52 |
| 5.23 |
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(1) Represents the portion of operating rental expense that management believes is representative of the interest component of rental expense excluding restructuring charges associated with branch and administrative office closings.