.
.
.
Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
For The Three Months
YEAR ENDED DECEMBER 31, Ended March 31,
----------------------------------------------------------------------------------
2000 2001 2002 2003 2004 2004 2005
----------------------------------------------------------------------------------
(IN THOUSANDS EXCEPT RATIO CALCULATION)
RATIO OF EARNINGS TO FIXED CHARGES 0.90 (0.16) 2.03 3.03 3.46 2.35 2.28
Operating income (loss) $ 8,876 $(16,447) $119,980 $127,085 $141,294 $25,414 $28,691
Interest expense (1) 32,407 63,358 59,143 41,438 39,611 9,975 12,429
Equity in net loss of affiliated company -- -- -- 2,123 3,905 2,367 459
Gain on sale of assets, net -- 4,224 133 -- -- -- --
Other income, net 20,084 991 1,213 2,721 2,541 804 562
----------------------------------------------------------------------------------
Pre-tax earnings from continuing operations (3,447) (74,590) 62,183 86,245 100,319 13,876 16,365
Income (loss) before extraordinary item and
cumulative effect of accounting change (4,251) (50,040) 36,901 53,783 61,602 8,791 9,794
Pre-tax earnings from continuing operations (3,447) (74,590) 62,183 86,245 100,319 13,876 16,365
Add Interest expense (1) 33,163 64,404 60,202 42,493 40,718 10,255 12,752
----------------------------------------------------------------------------------
EARNINGS $ 29,716 $(10,186) $122,385 $128,738 $141,037 $24,131 $29,117
==================================================================================
Interest expense (2) $ 28,581 $ 61,371 $ 57,089 $ 39,743 $ 37,909 $ 9,551 $11,970
Interest component of rent expense (3) $ 756 $ 1,046 $ 1,059 $ 1,055 $ 1,107 $ 280 $ 323
Amortization of premiums and discounts -- -- -- -- --
Capitalized expenses related to indebtedness 3,826 1,987 2,054 1,695 1,702 424 459
----------------------------------------------------------------------------------
FIXED CHARGES $ 33,163 $ 64,404 $ 60,202 $ 42,493 $ 40,718 $10,255 $12,752
==================================================================================
(1) Interest expense includes non-cash interest, such as the accretion of
principal, the amortization of discounts on debt and the amortization of
deferred financing costs.
(2) Cash interest expense is calculated as interest expense less non-cash
interest, such as the accretion of principal, the amortization of discounts
on debt and the amortization of deferred financing costs.
(3) An average of 19% of rent expense is the portion deemed representative of
the interest factor.