EXHIBIT 12.1
JSCE, INC.
CALCULATION OF HISTORICAL RATIOS OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31,
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1994 1993 1992 1991 1990
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(DOLLAR AMOUNTS IN MILLIONS)
Income (loss) before income taxes, extraordinary item and
cumulative effect of accounting changes................... $ 28.7 $(257.6) $(24.0) $(67.1) $ 57.2
Add (deduct):
Minority interest share of income (loss)............... (1.6) (3.2) (2.7) 2.9 5.3
Equity in (earnings) loss of affiliates................ (.1) (.5) 39.9 2.2
Interest expense(a).................................... 268.5 254.2 300.1 335.2 337.8
Interest component of rental expense................... 11.4 11.3 10.6 9.7 9.3
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Earnings available for fixed charges........................ $306.9 $ 4.7 $283.5 $320.6 $411.8
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Fixed charges:
Interest expense(a).................................... $268.5 $ 254.2 $300.1 $335.2 $337.8
Capitalized interest................................... 3.9 3.4 4.2 2.4 5.8
Interest component of rental expense................... 11.4 11.3 10.6 9.7 9.3
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Total fixed charges............................... $283.8 $ 268.9 $314.9 $347.3 $352.9
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Ratio of earnings to fixed charges.......................... 1.08 (b) (b) (b) 1.17
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(a) For the years ended December 31, 1994, 1993, 1992, 1991 and 1990, interest
expense includes amortization of deferred debt issuance costs of $10.1
million, $7.9 million, $14.6 million, $17.6 million and $16.9 million,
respectively.
(b) For the years ended December 31, 1993, 1992 and 1991, earnings were
inadequate to cover fixed charges by $264.2 million, $31.4 million and
$26.7 million, respectively.