1 EXHIBIT 12.1 THE COMPANY RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN THOUSANDS) YEAR ENDED DECEMBER 31, ------------------------------ 1996 1997 ------------ ------------ Pre-tax loss from continuing operations..................... $(48,488) $(74,757) -------- -------- Fixed charges: Interest expense and amortization of debt discount and premium on all indebtedness............................ 37,742 78,185 Rentals: Rent expense(1)........................................... 719 1,521 Preferred dividend requirement............................ 496 882 -------- -------- Total fixed charges............................... 38,957 80,588 -------- -------- Earnings before income taxes and fixed charges.............. $ (9,531) $ 5,831 ======== ======== Ratio of earnings to fixed charges(2)....................... -- -- ======== ======== - --------------- (1) For leases where the interest factor can be specifically identified, the actual interest factor was used. For all other leases, the interest factor is estimated at one-third of total rent expense for the applicable period which management believes represents a reasonable approximation of the interest factor. (2) The Company's earnings for the years ended December 31, 1996 and 1997 were inadequate to cover fixed charges by $48,488 and $74,757, respectively.