EXHIBIT 12.1
CLN HOLDINGS INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1992 1993 1994 1995
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Earnings before income taxes........................... $ 95,668 $ 42,301 $ 16,012 $ 29,151
Plus: Fixed charges.................................... 17,889 27,934 49,090 65,220
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Earnings available to cover fixed charges.............. 113,557 70,235 65,102 94,371
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Fixed charges:
Interest expense, gross.............................. 14,807 23,915 44,122 59,366
Amortization of deferred charges..................... 954 1,177 1,795 2,012
Portion of rents representative of an interest
factor............................................ 2,128 2,842 3,173 3,842
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Fixed charges.......................................... $ 17,889 $ 27,934 $ 49,090 $ 65,220
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Ratio of earnings to fixed charges..................... 6.35x 2.51x 1.33x 1.45x
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Deficiency of earnings to fixed charges................
PRO FORMA
SIX MONTHS ENDED PRO FORMA SIX MONTHS
YEAR ENDED ---------------------- YEAR ENDED ENDED
DECEMBER 31, JUNE 30, JUNE 30, DECEMBER 31, JUNE 30,
1996 1996 1997 1996 1997
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Earnings before income taxes........................... $(86,113) $52,095 $(5,139) $ (107,063) $(13,322)
Plus: Fixed charges.................................... 83,086 40,232 51,726 104,036 57,228
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Earnings available to cover fixed charges.............. (3,027) 92,327 46,587 (3,027) 43,906
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Fixed charges:
Interest expense, gross.............................. 76,078 36,865 47,771 94,901 52,670
Amortization of deferred charges..................... 2,287 1,113 1,286 4,414 1,889
Portion of rents representative of an interest
factor............................................ 4,721 2,254 2,669 4,721 2,669
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Fixed charges.......................................... $ 83,086 $40,232 $51,726 $ 104,036 $ 57,228
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Ratio of earnings to fixed charges..................... 2.29x
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Deficiency of earnings to fixed charges................ $(86,113) $(5,139) $ (107,063) $(13,322)
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