Exhibit 12
Pro Forma
Year Ended Pro Forma Three Months Ended as Adjusted
December 31, as Adjusted March 31, March 31, March 31,
1997 1998 1999 2000 2000 2000 2001 2001
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Pre-tax income (loss) from
continuing operations before
adjustment for minority interests in
consolidated subsidiaries or income
or loss from equity investees (A) 3,255 (16,482) (819) 26,082 31,049 6,465 11,441 12,290
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Fixed charges:
Interest expense and amortization of
debt discount and premium on all
indebtedness 183 5,382 21,461 36,126 31,102 8,847 8,016 7,148
Rentals:
Buildings - 33% 450 2,865 8,899 18,394 18,394 4,437 4,752 4,752
Office and other equipment - 33% 74 1,094 3,428 4,516 4,516 1,007 1,260 1,260
Preferred stock dividend
requirements of consolidated
subsidiaries (A) 445 2,515 13,874 16,110 0 3,528 3,780 0
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Total fixed charges 1,152 11,856 47,662 75,146 54,012 17,819 17,808 13,160
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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 3,962 (7,141) 32,969 85,118 85,061 20,756 25,469 25,450
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Ratio of earnings to fixed charges 3,440 (B)(C) (B)(C) 1.13 1.57 1.16 1.43 1.93
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(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.
(B) Due to the Company's losses in 1998 and 1999, the ratio coverage was less
than 1:1. The Company would have had to generate additional earnings of
approximately $19.0 million and $14.7 million in 1998 and 1999,
respectively, to achieve a coverage ratio of 1:1.
(C) Included in earnings for 1998 and 1999 were special charges of $10.2
million and $5.2 million, respectively, relating to asset impairments and
litigation settlement costs. If such charges were not taken the Company
would have needed to generate additional earnings of $8.8 million and $9.5
in 1998 and 1999, respectively, to achieve a coverage of 1:1.