EXHIBIT 12.1
THE COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratio amounts)
Historical
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First Three
Quarters Fiscal Years
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1997 1996 1996 1995 1994 1993 1992
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Income from Operations before extraordinary items.. $42 $30 $38 $24 ($3) ($12) ($33)
Add:
Fixed charges................................. 89 89 128 124 124 124 126
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Adjusted earnings.................................. $131 $119 $166 $148 $121 $112 $93
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Fixed charges:
Interest on indebtedness and amortization of
deferred financing costs.................... $83 $83 $120 $116 $116 $116 $118
Portion of rents representative of the
interest factor............................. 6 6 8 8 8 8 8
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Total fixed charges................................ $89 $89 $128 $124 $124 $124 $126
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Ratio of earnings to fixed charges................. 1.47 1.34 1.30 1.19 -- -- --
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Deficiency of earnings to fixed charges............ -- -- -- -- $3 $12 $33
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Pro Forma Pro Forma
Assuming 100% Assuming Minimum
Participation Participation
with No Notes Issued with No Notes Issued
-------------------------- --------------------------
First Three Fiscal First Three Fiscal
Quarters Year Quarters Year
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1997 1996 1996 1997 1996 1996
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Income from Operations before extraordinary items.. $69 $53 $83 $54 $37 $63
Add:
Fixed charges................................. 57 56 81 47 47 68
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Adjusted earnings.................................. $126 $109 $164 $101 $84 $131
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Fixed charges:
Interest on indebtedness and amortization of
deferred financing costs.................... $51 $50 $73 $42 $42 $61
Portion of rents representative of the
interest factor............................. 6 6 8 5 5 7
-------------------------- --------------------------
Total fixed charges................................ $57 $56 $81 $47 $47 $68
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Ratio of earnings to fixed charges................. 2.21 1.95 2.02 2.15 1.79 1.93
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Deficiency of earnings to fixed charges............ -- -- -- -- -- --
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