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EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO
COMBINED FIXED CHARGES
(IN THOUSANDS)
1999 Jan '00 Feb > Dec '00 2001 2002 2003
------- ------- ------------- ------- ------- -------
Adjusted pre-tax income from operations (a) 43,304 (13,011) (5,751) (21,488) 27,432 32,064
Fixed Charges:
Interest expense 1,939 63 1,386 2,328 4,299 2,854
Rentals (b) 5,641 418 4,603 5,075 5,109 4,547
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Total Fixed charges (c) 7,580 481 5,989 7,403 9,408 7,401
------- ------- ------- ------- ------- -------
Earning before income taxes and fixed charges 50,884 (12,530) 238 28,891 36,840 39,465
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Ratio of Earnings to Fixed Charges (d) 6.7x --x --x 3.9x 3.9x 5.3x
Deficiency -- 13,011 5,751 -- --
Historical Historical Pro Forma Pro Forma
Sept '03 Sept '04 2003 Sept '04
------- ------- ------- -------
Adjusted pre-tax income from operations (a) (1,504) 43,375 (33,322) (10,770)
Fixed Charges:
Interest expense 1,911 1,398 59,818 44,121
Rentals (b) 3,410 3,275 4,547 3,275
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Total Fixed charges (c) 5,321 4,673 64,365 47,396
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Earning before income taxes and fixed charges 3,817 48,048 31,043 36,626
------- ------- ------- -------
Ratio of Earnings to Fixed Charges (d) --x 10.3x --x --x
Deficiency 1,504 -- 33,322 10,770
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(a) For this purpose, earnings include pre-tax income from continuing operations
before equity earnings (losses) in partially-owned affiliates and minority
interest.
(b) The Company uses one-third of rental expense as an estimation of the
interest factor on its rental expense.
(c) Fixed charges include interest, whether expenses or capitalized, and an
estimate of interest within rental expense.
(d) The ratio of earnings to fixed charges is computed by dividing earnings by
fixed charges.
(e) The deficiencies for the periods where earnings were inadequate to cover
fixed changes are noted in the schedule above.