EX-12.1 3 p68724exv12w1.htm EX-12.1

exv12w1

EXHIBIT 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

		Year Ended 2003				Year Ended 2002				Year Ended 2001				Year Ended 2000				Year Ended 1999				Year Ended 1998
	(Amounts in thousands except for ratio)
COMPUTATION OF EARNINGS
Pretax income (loss) before Minority interest			45,326				(13,524	)			(71,375	)			28,031				(12,815	)			(58,229	)
Plus Fixed charges			52,221				43,101				43,776				37,342				34,714				43,231
Plus Amortization of capitalized interest			265				221				153				—				—				—
Less capitalized interest			(836	)			(1,208	)			(1,100	)			(900	)			—				—
TOTAL			96,976				28,590				28,546				64,473				21,899				(14,998	)
COMPUTATION OF FIXED CHARGES
Interest Expense			5,890				5,440				13,469				15,463				19,096				25,382
Capitalized interest			836				1,208				1,100				900
Amortization of fleet origination fees			123				123				103				—				—				—
Amortization of debt issuance costs			47				—				—				—				—				—
Estimate of interest on rent expense			45,325				36,330				29,104				20,979				15,618				17,849
Total fixed charges			52,221				43,101				43,776				37,342				34,714				43,231
Ratio (fixed charges/earnings and fixed charges)/Deficiency			1.86				(14,511	)			(72,322	)			1.73				(12,815	)			(58,229	)