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Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Millions)
<TABLE>
<CAPTION>
Year Ended December 31,
--------------------------------------------------------------
2003 2002 2001 2000 1999
----------- ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
Consolidated pretax income (loss)
from continuing operations $(35.2) $(57.3) $(28.7) $ 29.9 $ 10.6
Undistributed earnings of non-consolidated
affiliates 0.1 (1.3) -- -- --
Interest expense 4.4 6.5 8.5 4.9 3.7
Interest portion of rental expense 8.6 9.4 6.8 7.3 6.0
---------- ----------- ---------- ---------- ----------
Earnings $(22.1) $(42.7) $(13.4) $ 42.1 $ 20.3
---------- ----------- ---------- ---------- ----------
Interest expense $ 4.4 $ 6.5 $ 8.5 $ 4.9 $ 3.7
Interest portion of rental expense 8.6 9.4 6.8 7.3 6.0
---------- ----------- ---------- ---------- ----------
Fixed Charges $13.0 $15.9 $15.3 $ 12.2 $ 9.7
========== =========== ========== ========== ==========
RATIO OF EARNINGS TO FIXED CHARGES --(1) --(2) --(3) 3.5 2.1
========== =========== ========== ========= ==========
</TABLE>
(1) 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.
(2) 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.
(3) 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.