1
EXHIBIT 12.1
STATEMENT REGARDING COMPUTATIONS OF RATIOS
RATIO OF EARNINGS TO FIXED CHARGES
PREDECESSOR SUCCESSOR
------------------------------- ------------------------------
NINE THREE YEAR
YEAR ENDED MONTHS MONTHS ENDED
DECEMBER 31, ENDED ENDED DECEMBER 31,
------------ SEPTEMBER 30, DECEMBER 31, ------------
1993 1994 1995 1995 1996 1997
---- ---- ------------- ------------ ---- ----
(DOLLARS IN THOUSANDS)
EARNINGS BEFORE INCOME TAXES........ 28,804 31,356 16,963 1,778 (2,373) 9,623
FIXED CHARGES....................... 1,773 2,597 3,707 5,926 27,627 22,931
------ ------ ------ ----- ------ ------
30,577 33,953 20,670 7,704 25,254 32,554
DIVIDED BY:
FIXED CHARGES....................... 1,773 2,597 3,707 5,926 27,627 22,931
17.2x 13.1x 5.6x 1.3x .9x 1.4x
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RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
PREDECESSOR SUCCESSOR
------------------------------- ------------------------------
NINE THREE YEAR
YEAR ENDED MONTHS MONTHS ENDED
DECEMBER 31, ENDED ENDED DECEMBER 31,
------------ SEPTEMBER 30, DECEMBER 31, ------------
1993 1994 1995 1995 1996 1997
---- ---- ------------- ------------ ---- ----
(DOLLARS IN THOUSANDS)
EARNINGS BEFORE INCOME TAXES........ 28,804 31,356 16,963 1,778 (2,373) 9,623
FIXED CHARGES....................... 1,773 2,597 3,707 5,926 27,627 22,931
------ ------ ------ ----- ------ ------
30,577 33,953 20,670 7,704 25,254 32,554
DIVIDED BY:
FIXED CHARGES....................... 1,773 2,597 3,707 5,926 27,627 22,931
PLUS PREFERRED STOCK DIVIDENDS...... 0 0 0 1,069 4,669 5,308
------ ------ ------ ----- ------ ------
1,773 2,597 3,707 6,995 32,296 28,239
17.2x 13.1x 5.6x 1.1x 0.8x 1.2x
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