EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The ratio of earnings to fixed charges for the periods shown has been computed by dividing earnings (income from continuing operations before income taxes, income from equity investees and fixed charges) by fixed charges (interest expense including amortization of debt issuance costs). Interest expense includes the portion of operating rental expense which we believe is representative of the interest component of rental expense.
| Fiscal Year Ended December 31, | ||||||||||||||||
| 1999 |
2000 |
2001 |
2002 |
2003 | ||||||||||||
| (Dollars in thousands) | ||||||||||||||||
| Income (loss) from continuing operations before income taxes and income from equity investees |
$ | 38,420 | $ | (79,795 | ) | $ | 61,938 | $ | 88,593 | $ | 92,309 | |||||
| Adjustments to Earnings: |
||||||||||||||||
| Fixed charges |
16,157 | 23,097 | 20,447 | 12,737 | 15,927 | |||||||||||
| Distributed income of equity investees: |
1,592 | 1,777 | 2,028 | 2,093 | 2,198 | |||||||||||
| Earnings as adjusted |
$ | 56,169 | $ | (54,921 | ) | $ | 84,413 | $ | 103,423 | $ | 110,434 | |||||
| Fixed Charges: |
||||||||||||||||
| Interest expense (including amortization of debt issuance costs) |
$ | 14,399 | $ | 20,971 | $ | 18,348 | $ | 10,483 | $ | 13,560 | ||||||
| Interest relating to rental expense |
1,758 | 2,126 | 2,099 | 2,254 | 2,367 | |||||||||||
| Total fixed charges |
$ | 16,157 | $ | 23,097 | $ | 20,447 | $ | 12,737 | $ | 15,927 | ||||||
| Ratio of earnings to fixed charges |
3.48 | —(1) | 4.13 | 8.12 | 6.93 | |||||||||||
| (1) | Earnings were not sufficient to cover fixed charges during the year ended December 31, 2000 by $79.8 million; all other periods had sufficient income to cover charges. |