Exhibit 12.1
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
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Year ended December 31, 6 Months to June 30,
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1992 1993 1994 1995 1996 1996 1997
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Interest portion of rental expense (1) 822 678 900 752 1,266 633 696
Amortization of deferred debt issuance costs 118 438 227 242
Interest on indebtedness 221 9,411 10,750 5,375 5,375
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822 678 1,121 10,281 12,454 6,235 6,313
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Earnings before tax, discontinued operations and
minority interests (49,599) 81,869 50,737 62,433 82,668 45,256 43,700
Fixed Charges 822 678 1,121 10,281 12,454 6,235 6,313
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Earnings from continuing operations before income taxes
and fixed charges (48,777) 82,547 51,858 72,714 95,122 51,491 50,013
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Ratio of earnings to fixed Charges N/M N/M N/M 7.07 7.64 8.26 7.92
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(1) Represents 1/3 of rental expense which the Company's management believes to
be representative of the interest portion.