1
EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
The ratio of earnings to fixed charges for the Company (including its
predecessor-in-interest, Sundance Enterprises, Inc., the partnerships
affiliated with Sundance Enterprises, Inc., and the Company's subsidiaries and
majority-owned partnerships) presents the relationship of the Company's
earnings to its fixed charges. "Earnings" as used in the computation, is based
on net income (loss) from continuing operations (which includes a charge to
income for depreciation and amortization expense) before income taxes, plus
fixed charges. "Fixed charges" is comprised of (i) interest charges, whether
expensed or capitalized, and (ii) amortization of loan costs and discounts or
premiums relating to indebtedness of the Company and its subsidiaries and
majority-owned partnerships, excluding in all cases items which would be or are
eliminated in consolidation.
YEAR ENDED
3 MONTHS DECEMBER 31,
ENDED --------------------------------------
3/31/96 1995 1994 1993 1992 1991
-------- ------- ------- ------ ------ ------
(UNAUDITED, IN THOUSANDS)
Earnings:
Net income (loss) $3,456 $13,591 $ 8,924 $ 288 $ 272 $ (314)
Add fixed charges other
than capitalized interest 2,038 6,420 4,894 5,280 5,522 5,825
------ ------- ------- ------ ------ ------
$5,494 $20,011 $13,818 $5,568 $5,794 $5,511
====== ======= ======= ====== ====== ======
Fixed Charges:
Interest expense $2,038 $ 6,420 $ 4,894 $5,280 $5,522 $5,825
Capitalized interest 60 192 58 -- -- --
------ ------- ------- ------ ------ ------
Total fixed charges $2,098 $ 6,612 $ 4,952 $5,280 $5,522 $5,825
====== ======= ======= ====== ====== ======
Ratio of Earnings to
Fixed Charges: 2.62:1 3.03:1 2.79:1 1.05:1 1.05:1 0.95:1
13