.
.
.
EXHIBIT 12.1
PREDECESSOR SUCCESSOR
------------------------------------------------------------------------------ -----------
YEAR ENDED DECEMBER 31, THREE PERIOD FROM PERIOD FROM
----------------------------------------------------- MONTHS JANUARY 1 FEBRUARY 25
2000 2001 2002 2003 2004 ENDED THROUGH THROUGH
--------- --------- --------- --------- --------- MARCH 31, FEBRUARY 24, MARCH 31,
(DOLLARS IN THOUSANDS) 2004 2005 2005
Pre-tax income (loss) from
continuing operations before
adjustments for minority interests
in consolidated subsidiaries or
income or loss from equity
investees (A) $ 19,835 $ 36,296 $ 74,829 $ 124,395 $ 200,482 $ 50,222 $ (159,148) $ 22,406
========= ========= ========= ========= ========= ========= ============ ===========
Fixed charges:
Interest expense and
amortization of debt discount
and premium on all
indebtedness 36,126 29,716 27,210 26,340 33,634 9,418 4,734 9,636
Rentals:
Buildings - 33% 18,394 19,810 22,119 24,092 26,638 6,542 4,442 2,761
Office and other equipment - 33% 4,516 5,397 6,286 7,635 8,692 2,211 1,772 964
Preferred stock dividend
requirements of consolidated
subsidiaries (A) 24,121 2,777 - - - - - -
--------- --------- --------- --------- --------- --------- ------------ -----------
Total fixed charges $ 83,157 $ 57,700 $ 55,615 $ 58,067 $ 68,964 $ 18,171 $ 10,948 $ 13,361
========= ========= ========= ========= ========= ========= ============ ===========
Pre-tax income (loss) from
continuing operations before
adjustment for minority interests
in consolidated subsidiaries or
income or loss from equity
investees plus fixed charges,
less preferred stock dividend
requirements of consolidated
subsidiaries $ 78,871 $ 91,219 $ 130,444 $ 182,462 $ 269,446 $ 68,393 $ (148,200) $ 35,767
========= ========= ========= ========= ========= ========= ============ ===========
Ratio of earnings to fixed charges (B) 1.581 2.345 3.142 3.907 3.764 (B) 2.677
========= ========= ========= ========= ========= ========= ============ ===========
(A) The preferred stock dividend requirements of consolidated subsidiaries is
included in fixed charges (i.e., the denominator of the ratio calculation)
but excluded from the numerator of the ratio calculation because such
amount was not deducted in arriving at the pre-tax income (loss) from
continuing operations, as defined.
In April 2002, the Financial Accounting Standards Board (FASB) issued SFAS
No. 145 "Rescission of FASB Statements No. 4, 44, and 64, Amendment of
FASB Statement No. 13, "Reporting Gains and Losses from Extinguishment of
Debt," the requirement that gains and losses from the extinguishment of
debt be aggregated and, if material, classified as an extraordinary item,
net of the related income tax effect is eliminated. The Company reported
extraordinary items in 2000 and 2001 as a result of debt extinguishements.
The provisions of SFAS 145 that affect the Company are effective for
fiscal periods beginning after May 15, 2002, although early adoption of
SFAS 145 is permitted. In accordance with the provisions of SFAS No. 145,
the Company reclassified its extraordinary items recorded in 2000 and 2001
to the other income and expense category of its consolidated statement of
operations.
(B) In 2000, and the period from January 1, 2005 through February 24, 2005,
the ratio coverage was less than 1:1. The Company would have had to
generate additional earnings of approximately $4.3 million in 2000, and
$159.1 million in the period from January 1, 2005 through February 24,
2005 to achieve a coverage ratio of 1:1.