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EXHIBIT 12.1
STATEMENT RE COMPUTATION OF RATIOS
(DOLLARS IN THOUSANDS, EXCEPT RATIOS)
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THREE MONTHS ENDED
YEAR ENDED DECEMBER 31, MARCH 31,
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PRO PRO
FORMA FORMA
1995 1996 1997 1998 1999 1999 1999 2000 1999
-------- -------- -------- --------- -------- -------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
RATIO OF EARNINGS TO
FIXED CHARGES:
Earnings:
Income (loss) before
income taxes,
minority
interest......... $ 86,249 $ 99,052 $105,571 $(395,081) $139,985 $136,153 $ 26,059 $38,448 $24,438
Add: interest
expense.......... 22,889 15,780 22,849 38,069 55,943 59,775 13,100 15,221 14,721
-------- -------- -------- --------- -------- -------- -------- ------- -------
$109,138 $114,832 $128,420 $(357,012) $195,928 $195,928 $ 39,159 $51,669 $39,159
======== ======== ======== ========= ======== ======== ======== ======= =======
Fixed Charges(1):
Interest expense.... $ 22,889 $ 15,780 $ 22,849 $ 38,069 $ 55,943 $ 59,775 $ 13,100 $15,221 $14,721
Capitalized
interest......... 1,978 3,770 5,419 3,540 -- -- -- -- --
-------- -------- -------- --------- -------- -------- -------- ------- -------
$ 24,867 $ 19,550 $ 28,268 $ 41,609 $ 55,943 $ 59,775 $ 13,100 $15,221 $14,721
======== ======== ======== ========= ======== ======== ======== ======= =======
Ratio of earnings to
fixed charges(2).... 4.4 5.9 4.5 -- 3.5 3.3 3.0 3.5 2.7
======== ======== ======== ========= ======== ======== ======== ======= =======
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(1) The majority of facilities and substantially all equipment is owned by the
Company. Accordingly, the interest portion of rent expense is not
significant.
(2) For the year ended December 31, 1998, the Company had a deficiency of
earnings compared to its fixed charges of $(398,621).
(3) During August 1996, the Company guaranteed $3,600,000 of debt of the
Chairman with a third party bank. Interest paid by the Company on behalf of
the Chairman is charged to the Chairman as compensation expense and amount
to $163,166, $181,901 and $178,805 for the years ended December 31, 1999,
1998 and 1997, respectively. Such amounts have been excluded from the
computation of the ratio of fixed charges.
