EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FOR THE PERIODS ENDED
(000’s, except ratios)
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| Company |
| Predecessor |
| ||||||||||||||
|
| Year |
| Nine Months |
| Three Months |
| Years ended |
| ||||||||||
2000 |
| 1999 |
| 1998 | |||||||||||||||
Earnings: |
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|
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Income before income taxes and extraordinary items |
| $ | 48,204 |
| $ | 21,815 |
| $ | 6,201 |
| $ | 73,600 |
| $ | 74,666 |
| $ | 69,417 |
|
Add: |
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|
|
|
|
|
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|
|
|
| ||||||
Fixed charges |
| 56,573 |
| 46,045 |
| 3,692 |
| 15,315 |
| 14,514 |
| 13,355 |
| ||||||
Amortization of capitalized interest |
| 572 |
| 429 |
| 143 |
| 572 |
| 572 |
| 572 |
| ||||||
Subtract: |
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Interest capitalized |
| — |
| (196 | ) | — |
| (224 | ) | (1,054 | ) | (1,048 | ) | ||||||
Adjusted Earnings |
| $ | 105,349 |
| $ | 68,093 |
| $ | 10,036 |
| $ | 89,263 |
| $ | 88,698 |
| $ | 82,296 |
|
Fixed Charges: |
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|
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Interest expensed and capitalized |
| $ | 50,955 |
| $ | 42,531 |
| $ | 3,292 |
| $ | 13,715 |
| $ | 12,972 |
| $ | 11,638 |
|
Interest portion of rentals |
| 1,400 |
| 1,155 |
| 375 |
| 1,500 |
| 1,442 |
| 1,617 |
| ||||||
Amortization of capitalized debt expense |
| 4,218 |
| 2,359 |
| 25 |
| 100 |
| 100 |
| 100 |
| ||||||
|
| $ | 56,573 |
| $ | 46,045 |
| $ | 3,692 |
| $ | 15,315 |
| $ | 14,514 |
| $ | 13,355 |
|
Ratio of earnings to fixed charges |
| 1.86 |
| 1.48 |
| 2.72 |
| 5.83 |
| 6.11 |
| 6.16 |
|