Exhibit 12.1
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Dollars in Millions) | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
1999 | 2000 | 2001 | 2002 | 2003 | |||||||||||||
Earnings: | |||||||||||||||||
Pre-Tax income from continuing operations | $ | 46 | $ | 15 | $ | (73 | ) | $ | (32 | ) | $ | (24 | ) | ||||
Plus fixed charges | 84 | 75 | 60 | 60 | 44 | ||||||||||||
Plus amortization of capitalized interest | 1 | 1 | 2 | 1 | 2 | ||||||||||||
Less interest capitalized | 1 | 1 | 1 | 1 | 1 | ||||||||||||
Total earnings, before fixed charge | $ | 130 | $ | 90 | $ | (12 | ) | $ | (28 | ) | $ | 23 | |||||
Fixed Charges: | |||||||||||||||||
Interest expensed and capitalized | $ | 84 | $ | 75 | $ | 60 | $ | 60 | $ | 46 | |||||||
Total fixed charges | $ | 84 | $ | 75 | $ | 60 | $ | 60 | $ | 46 | |||||||
Ratio of earnings to fixed charges | 1.55 | 1.20 | -- | -- | -- | ||||||||||||
Earnings to fixed charges deficiency | -- | -- | $ | 72 | $ | 32 | $ | 23 |