EXHIBIT 12.1
Years ended December 31,
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1997 1998 1999 2000 2001
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OTHER DATA:
RATIO OF EARNINGS TO FIXED CHARGES:
Pre-tax income from continuing operations $61,389 $65,188 $48,453 $77,099 -$14,003
Income (Loss) from equity investments 3,199 351 -337 -782 -964
Fixed Charges 12,636 11,305 15,492 41,815 33,802
Amortization of capitalized interest 0 0 0 75 205
Capitalized interest 0 0 0 -1,500 -1,100
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Earnings $77,224 $76,844 $63,608 $116,707 $17,940
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Interest expense $12,396 $11,305 $15,210 $40,072 $32,503
Estimated interest within rental expense 240 0 282 243 199
Capitalized interest 0 0 0 1,500 1,100
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Fixed Charges $12,636 $11,305 $15,492 $41,815 $33,802
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Ratio 6.11 6.80 4.11 2.79 0.53
PRO FORMA DATA:
RATIO OF TOTAL DEBT TO ADJUSTED EBITDA:
Revolving credit facility
Industrial development bonds
Capitalized leases and other debt
Senior notes
Total pro forma debt
EBITDA
Plus Alexander City closing costs
Adjusted EBITDA
Ratio
RATIO OF ADJUSTED EBITDA TO INTEREST EXPENSE:
EBITDA
Plus Alexander City closing costs
Adjusted EBITDA
Interest expense, net
Pro forma adjustment
Pro forma interest expense
Ratio
RATIO OF EARNINGS TO FIXED CHARGES:
Pre-tax income from continuing operations
Income (loss) from equity investments
Fixed charges
Amortization of capitalized interest
Capitalized interest
Earnings
Interest expense
Estimated interest within rental expense
Capitalized interest
Pro forma adjustment
Pro forma fixed charges
Ratio
Twelve
months
Three months ended
ended March 31, March 31,
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2001 2002 2002
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OTHER DATA:
RATIO OF EARNINGS TO FIXED CHARGES:
Pre-tax income from continuing operations $1,944 $6,710 -$9,237
Income (Loss) from equity investments -152 -175 -987
Fixed Charges 8,956 6,596 31,442
Amortization of capitalized interest 66 130 269
Capitalized interest -275 0 -825
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Earnings $10,539 $13,261 $20,662
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Interest expense $8,461 $6,428 $30,470
Estimated interest within rental expense 220 168 147
Capitalized interest 275 0 825
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Fixed Charges $8,956 $6,596 $31,442
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Ratio 1.18 2.01 0.66
PRO FORMA DATA:
RATIO OF TOTAL DEBT TO ADJUSTED EBITDA:
Revolving credit facility $114,250
Industrial development bonds 40,550
Capitalized leases and other debt 2,391
Senior notes 175,000
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Total pro forma debt $332,191
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EBITDA $75,422
Plus Alexander City closing costs 12,920
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Adjusted EBITDA $88,342
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Ratio 3.76
RATIO OF ADJUSTED EBITDA TO INTEREST EXPENSE:
EBITDA $75,422
Plus Alexander City closing costs 12,920
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Adjusted EBITDA $88,342
=============
Interest expense, net $29,464
Pro forma adjustment 6,368
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Pro forma interest expense $35,832
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Ratio 2.47
RATIO OF EARNINGS TO FIXED CHARGES:
Pre-tax income from continuing operations -$9,237
Income (loss) from equity investments -987
Fixed charges 31,442
Amortization of capitalized interest 269
Capitalized interest -825
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Earnings $20,662
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Interest expense $30,470
Estimated interest within rental expense 147
Capitalized interest 825
Pro forma adjustment 6,368
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Pro forma fixed charges $37,810
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Ratio 0.55