1 Exhibit 12.1 Ratio of Earnings to Fixed Charges Calculation PROFORMA FOR BOTH OFFERINGS ------------------ NINE FISCAL NINE MONTHS YEAR MONTHS FISCAL YEAR ENDED ENDED ENDED ENDED --------------------------------------------------- ------- ------- ------- 9/25/94 9/24/95 9/26/96 9/28/97 9/27/98 6/27/99 9/27/98 6/27/99 ------- ------- ------- ------- ------- ------- ------- ------- (unaudited) EARNINGS Income before taxes and extraordinary items (5,774) 3,401 (5,652) (7,237) 36,022 7,471 35,686 7,210 Fixed charges 14,747 13,930 21,056 50,332 76,598 62,406 23,478 17,516 Less: dividends on preferred stock(1) - - (3,709) (27,277) (53,456) (45,151) -- -- ------------------------------------------------------------------------------------ TOTAL EARNINGS 8,973 17,331 11,695 15,818 59,164 24,726 59,164 24,726 ==================================================================================== FIXED CHARGES Interest expense, net of interest income 14,203 12,874 16,533 22,201 20,860 15,736 21,196 15,997 Interest income 318 827 548 462 1,903 1,213 1,903 1,213 1/3 of operating lease rental expense (deemed to be interest) 226 229 266 392 379 306 379 306 Dividends on preferred stock(1) - - 3,709 27,277 53,456 45,151 -- -- ------------------------------------------------------------------------------------ TOTAL FIXED CHARGES 14,747 13,930 21,056 50,332 76,598 62,406 23,478 17,516 ==================================================================================== Excess (deficiency) of Earnings to Fixed Charges (5,774) 3,401 (9,361) (34,514) (17,434) (37,680) 35,686 7,210 Ratio of Earnings to Fixed Charges - 1.2x - - - - 2.5x 1.4x Recalculation of dividends on preferred stock: - ---------------------------------------------- Dividends on preferred stock - - 2,944 17,044 30,270 25,951 Income (loss) from continuing operations (5,652) (7,237) 36,022 7,471 Income taxes related to continuing operations (1,166) (2,715) 15,624 3,151 ---------------------------------------------------------- Effective tax rate applicable to continuing operations 20.6% 37.5% 43.4% 42.5% ---------------------------------------------------------- Dividends on preferred stock on pre-tax basis 3,709 27,277 53,456 45,151 Notes: (1) Dividends on preferred stock calculated in accordance with Regulation S-K, Item 503(d)(B), as: dividends on preferred stock divided by (1 minus effective tax rate applicable to continuing operations). (2) Effective tax rate on income from continuing operations for continuing operations for fiscal year 1998 used for nine months ended June 28, 1998. (3) Information for nine months ended June 28, 1998 included in Summary Financial Data, but not included in Schedule showing detail calculation of Ratio of Earnings to Fixed Charges.