Exhibit 12.1
Computation of Ratios of Earnings to Fixed Charges
YEARS ENDED DECEMBER 31,
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1996 1997 1998 1999 2000
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INCOME AVAILABLE FOR FIXED CHARGES
Income (loss) before income taxes and minority interest
and extraordinary items $(41,358) $(34,649) $33,906 $ 77,301 $118,156
Fixed Charges 41,485 60,216 62,312 52,411 39,802
Less capitalized interest (3,033) (8,391) (1,086) (115) (717)
Less minority partner preferred equity return (1,542) (2,307) (2,360) (2,063) (1,527)
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Income (loss) available for fixed charges $ (4,448) $ 14,869 $92,772 $127,534 $155,714
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FIXED CHARGES
Interest expense $ 34,842 $ 47,116 $57,487 $ 48,594 $ 34,768
Minority partner preferred equity return 1,542 2,307 2,360 2,063 1,527
Capitalized interest 3,033 8,391 1,086 115 717
Interest portion of rent expense 2,068 2,402 1,379 1,639 2,790
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Total fixed charges $ 41,485 $ 60,216 $62,312 $ 52,411 $ 39,802
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Ratio of earnings to fixed charges (a) (a) 1.5 x 2.4 x 3.9 x
(a) Earnings were inadequate to cover fixed charges for the Pro Forma
years ended 1996 and 1997. ------------
Year Ended
December 31,
2000
INCOME AVAILABLE FOR FIXED CHARGES
Income (loss) before income taxes and minority interest
and extraordinary items $ 83,035
Fixed Charges 72,731
Less capitalized interest (717)
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Income (loss) available for fixed charges $155,049
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FIXED CHARGES
Interest expense $ 69,224
Capitalized interest 717
Interest portion of rent expense 2,790
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Total fixed charges $ 72,731
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Ratio of earnings to fixed charges 2.1 x