EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(amounts in thousands except ratios)
Nine Months Five Months
Ended Year Ended Ended YEAR ENDED
--------------------- ------------------------ ----------- ---------------------------------------
Sept. 30, Sept. 30, December 31, December 31, December 31, JULY 31, JULY 25, JULY 27, JULY 28,
1995 1994 1994 1993 1993 1993 1992 1991 1990
--------- -------- ----------- ----------- ----------- -------- -------- ------- -------
(unaudited)
(Loss)/income from
continuing operations
before reversal of
deferred taxes (8,036) 1,493 4,033 9,644 946 27,151(2) (14,630) (300) 1,503
Fixed charges (1) 10,519 1,832 4,228 2,621 633 1,300 1,131 1,092 1,115
------- ------- ------- ------- ------- ------- ------- ------- -------
(Loss)/income from
continuing operations
before income taxes and
fixed charges 2,483 3,325 8,261 12,265 1,579 28,451 (13,499) 792 2,618
======= ======= ======= ======= ======= ======= ======= ======= =======
Fixed charges (per
Schedule 1):
Interest and debt
expense 10,395 1,708 4,063 2,456 468 1,135 966 927 950
1/3 of Rent expense -
interest factor 124 124 165 165 165 165 165 165 165
------- ------- ------- ------- ------- ------- ------- ------- -------
10,519 1,832 4,228 2,621 633 1,300 1,131 1,092 1,115
Capitalized interest 4,569 1,329 1,718 0 0 0 0 0 0
------- ------- ------- ------- ------- ------- ------- ------- -------
15,088 3,161 5,946 2,621 633 1,300 1,131 1,092 1,115
======= ======= ======= ======= ======= ======= ======= ======= =======
Ratio of earnings to fixed
charges -- -- 1.39 4.68 2.49 21.89(2) -- -- 2.35
Deficiency in earnings
available to cover fixed
charges (12,605) 164 -- -- -- -- (14,630) (300) --
NOTES:
(1) For purposes of this calculation, earnings before fixed charges consist
of earnings before income taxes plus fixed charges.
Fixed charges consist of interest expense on all indebtedness (including
amortization of debt issuance costs) from continuing operations and the
portion of operating lease rental expense that is representative of the
interest factor (deemed to be one-third of operating lease rentals).
Fixed charges does not include any interest paid to unsecured creditors
or charged against the reserve from discontinued operations.
Fixed charges also does not include any interest expensed or capitalized
during the period the Company was in the retail business (prior to
5/15/92) except for its share of the Kings Plaza Mall interest expense.
(2) Includes a gain on sale of leases of $28,779 without which the Company
would have a deficiency in earnings to cover fixed charges of $1,628.