. . . EXHIBIT 12.1 Year Ended March 31, -------------------------------------------------------------- Nine Months Ended (in thousands and unaudited) 2003 2002 2001 2000 1999 December 31, 2003 ---------- ---------- ---------- ---------- ---------- ----------------- Earnings: Income (loss) from continuing operations before provision for income taxes $ (38,921) $ (67,331) $ (64,654) $ 54,841 $ 60,587 $ 80,681 Adjustments for certain expense items: Interest expense 148,131 109,465 111,878 97,187 85,611 92,839 Estimate of Interest within rental expense (1) 59,881 58,221 58,487 43,650 39,581 37,353 ---------- ---------- ---------- ---------- ---------- ----------------- 169,091 100,355 105,711 195,678 185,779 210,873 ========== ========== ========== ========== ========== ================= Fixed Charges: Interest expense 148,131 109,465 111,878 97,187 85,611 92,839 Interest capitalized 732 2,000 2,450 1,359 909 230 Estimate of interest within rental expense (1) 59,881 58,221 58,487 43,650 39,581 37,353 Preferred stock dividends (2) 20,193 18,398 19,903 21,085 27,881 15,660 ---------- ---------- ---------- ---------- ---------- ----------------- $ 228,937 $ 188,084 $ 192,718 $ 163,281 $ 153,982 $ 146,082 ========== ========== ========== ========== ========== ================= Ratio of earnings to fixed charges 0.74 0.53 0.55 1.20 1.21 1.44 ========== ========== ========== ========== ========== ================= Deficiency $ 59,846 $ 87,729 $ 87,007 $ -- $ -- $ -- ========== ========== ========== ========== ========== ================= (1) Estimated lease interest is approximately one-third of net lease expense for each reporting period. (2) Preferred stock dividends have been adjusted to a pre-income-tax basis to make the amounts comparable to other components.