Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
PREFERRED STOCK DIVIDEND REQUIREMENTS
(In Millions)
Year Ended December 31,
March 31, -----------------------------------------------
2004 2003 2002 2001 2000 1999
--------- ------ ------ ------ ----- -----
Consolidated pretax income (loss)
from continuing operations.............. $(0.7) $(35.2) $(57.3) $(28.7) $29.9 $10.6
Undistributed earnings of non-consolidated
affiliates................................ 0.2 0.1 (1.3) -- -- --
Interest expense.......................... 0.3 4.4 6.5 8.5 4.9 3.7
Interest portion of rental expense........ 3.2 8.6 9.4 6.8 7.3 6.0
----- ------ ------ ------ ----- -----
Earnings.............................. $3.0 $(22.1) $(42.7) $(13.4) $42.1 $20.3
===== ====== ====== ====== ===== =====
Interest expense.......................... $0.3 $4.4 $6.5 $8.5 $4.9 $3.7
Interest portion of rental expense........ 3.2 8.6 9.4 6.8 7.3 6.0
Preferred Stock dividend requirements..... 1.1 -- -- -- -- --
----- ------ ------ ------ ----- -----
Fixed Charges......................... $4.6 $13.0 $15.9 $15.3 $12.2 $9.7
===== ====== ====== ====== ===== =====
RATIO OF EARNINGS TO FIXED CHARGES AND
PREFERRED STOCK DIVIDEND REQUIREMENTS... --(1) --(2) --(3) --(4) 3.5 2.1
===== ====== ====== ====== ===== =====
(1) For the three months ended March 31, 2004, earnings were inadequate to
cover fixed charges and preferred stock dividend requirements. We would
need an additional $1.6 million of earnings in order to cover our fixed
charges and preferred stock dividend requirements.
(2) For the year ended December 31, 2003, earnings were inadequate to cover
fixed charges. We would need an additional $35.1 million of earnings in
order to cover our fixed charges.
(3) For the year ended December 31, 2002, earnings were inadequate to cover
fixed charges. We would need an additional $58.6 million of earnings in
order to cover our fixed charges.
(4) For the year ended December 31, 2001, earnings were inadequate to cover
fixed charges. We would need an additional $28.7 million of earnings in
order to cover our fixed charges.