1
EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
THREE MONTHS
ENDED
TWELVE MONTHS ENDED DECEMBER 31, MARCH 31,
-------------------------------------------------------- --------------------
1993 1994 1995 1996 1997 1997 1998
------- ------- -------- -------- -------- -------- ---------
(in thousands, except ratios)
Income (loss) from
continuing operations
before income taxes
and extraordinary items(a) $50,878 $50,217 $(12,752) $132,196 $303,679 $58,621 $ 97,917
Fixed charges:
Interest expense(b) 11,601 22,384 33,504 39,368 43,273 10,545 12,011
Interest factor
portion of rentals(c) 5,261 6,330 7,369 8,792 9,277 2,325 2,681
------- ------- ------- -------- -------- -------- --------
Total fixed charges 16,862 28,714 40,873 48,160 52,550 12,870 14,692
Earnings before income
taxes and fixed charges $67,740 $78,931 $28,121 $180,356 $356,229 $ 71,491 $112,609
======= ======= ======= ======== ======== ======== ========
Ratio of earnings to
fixed charges 4.02x 2.75x 0.69x(d) 3.74x 6.78x 5.55x 7.66x
======= ======= ======= ======== ======== ======== ========
(a) Income (loss) from continuing operations before income taxes and
extraordinary items has been adjusted to include only distributed income of
less-than-fifty-percent-owned persons.
(b) Interest expense consists of interest expense incurred from continuing
operations and amortization of debt issuance costs.
(c) Interest factor portion of rentals is estimated to be one third of rental
expense.
(d) In 1995, earnings, as-defined, before fixed charges were inadequate to cover
fixed charges by $12.8 million.