Exhibit 12.1
Statement of Computation of Ratios
The following illustrates the computation of the ratio of earnings to fixed charges:
| Historical |
Pro Forma |
Historical |
Pro Forma |
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| Year Ended December 31, |
Three Months Ended March 31, 2005 |
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| 2000 |
2001 |
2002 |
2003 |
2004 |
2004 |
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| (dollars in thousands) | ||||||||||||||||||||||||||||
| Fixed Charges: |
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| Interest on debt and capitalized leases |
$ | 9,873 | $ | 7,926 | $ | 6,706 | $ | 18,568 | $ | 41,971 | $ | 91,319 | $ | 9,863 | $ | 22,484 | ||||||||||||
| Amortization of debt discount and expense |
572 | 1,159 | 1,945 | 3,765 | 6,699 | 3,412 | 406 | (671 | ) | |||||||||||||||||||
| Interest element of rentals* |
3,572 | 3,698 | 3,484 | 4,255 | 9,506 | 12,102 | 2,710 | 3,313 | ||||||||||||||||||||
| Investee’s fixed charges |
241 | 487 | — | — | — | — | — | — | ||||||||||||||||||||
| Total Fixed Charges |
$ | 14,258 | $ | 13,270 | $ | 12,135 | $ | 26,588 | $ | 58,176 | $ | 106,833 | $ | 12,979 | $ | 25,126 | ||||||||||||
| Earnings: |
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| Net income (loss) |
$ | 68,018 | $ | 15,301 | $ | (93,902 | ) | $ | 40,683 | $ | 184,327 | $ | 194,731 | $ | 49,893 | $ | 40,831 | |||||||||||
| Add back: |
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| Loss (income) from discontinued operations |
(6,413 | ) | (4,712 | ) | 117,875 | — | — | — | — | — | ||||||||||||||||||
| Income tax provision |
43,522 | 6,770 | 13,613 | 26,131 | 113,336 | 124,980 | 30,710 | 25,980 | ||||||||||||||||||||
| Loss on equity method investment |
3,329 | 5,741 | — | — | — | — | — | — | ||||||||||||||||||||
| Fixed charges less interest capitalized |
14,244 | 13,065 | 12,135 | 26,588 | 58,176 | 106,833 | 12,979 | 25,126 | ||||||||||||||||||||
| Total Earnings |
$ | 122,700 | $ | 36,165 | $ | 49,721 | $ | 93,402 | $ | 355,839 | $ | 426,544 | $ | 93,582 | $ | 91,937 | ||||||||||||
| Ratio of Earnings to Fixed Charges |
8.5x | 2.7x | 4.1x | 3.5x | 6.1x | 4.0x | 7.2x | 3.7x | ||||||||||||||||||||
| * | We determined the interest component of rent expense to be 10%. |
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