EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Predecessor | Successor | ||||||||||||||||||||||||
Period from January | Period from | ||||||||||||||||||||||||
1 through February | February 25 through | ||||||||||||||||||||||||
2002 | 2003 | 2004 | 24, 2005 | December 31, 2005 | 2006 | ||||||||||||||||||||
Pre-tax income (loss) from continuing operations before adjustments for minority interests in consolidated subsidiaries or income or loss from equity investees | $ | 69,934 | $ | 117,681 | $ | 192,885 | $ | (160,237 | ) | $ | 120,367 | $ | 127,336 | ||||||||||||
Fixed charges: | |||||||||||||||||||||||||
Interest expense and amortization of debt discount and premium on all indebtedness | 25,889 | 25,435 | 33,299 | 4,651 | 102,208 | 131,831 | |||||||||||||||||||
Capitalized interest | — | — | — | — | 1,394 | 2,016 | |||||||||||||||||||
Interest related to discontinued operations | 1,321 | 905 | 335 | 83 | — | — | |||||||||||||||||||
Rentals: | |||||||||||||||||||||||||
Buildings - 33% | 20,862 | 23,237 | 25,039 | 4,169 | 22,871 | 27,736 | |||||||||||||||||||
Office and other equipment - 33% | 6,127 | 6,761 | 8,691 | 1,771 | 9,054 | 11,337 | |||||||||||||||||||
Preferred stock dividend requirements of consolidated subsidiaries | — | — | — | — | 40,272 | 34,632 | |||||||||||||||||||
Total fixed charges | $ | 54,199 | $ | 56,338 | $ | 67,364 | $ | 10,674 | $ | 175,799 | $ | 207,552 | |||||||||||||
Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees plus fixed charges, less preferred stock dividend requirements of consolidated subsidiaries | $ | 122,812 | $ | 173,114 | $ | 259,914 | $ | (149,646 | ) | $ | 294,772 | $ | 332,872 | ||||||||||||
Ratio of earnings to fixed charges | 2.2659 | 3.0728 | 3.8584 | (A | ) | 1.6768 | 1.6038 | ||||||||||||||||||
(A) | In the predecessor period of January 1, 2005 to February 24, 2005 the ratio coverage was less than 1.1. The Company would have had to generate additional earnings of approximately $160.3 million to achieve a coverage ratio of 1:1. |