(Dollars in thousands)
Income before taxes and fixed charges (net of capitalized
interest):
Income from continuing operations before taxes and equity in net
income/(loss) of joint venture
Add fixed charges net of capitalized interest(1)
Total income before taxes and fixed charges
Fixed charges:
Interest expense
Capitalized interest
Interest component of rent expense(2)
Total fixed charges
Ratio of earnings to fixed charges
Capitalized interest includes interest capitalized during the
period, less the amount of previously capitalized interest that
was amortized during the period.
The interest factor is estimated at one-third of total rent
expense for the applicable period, which management believes
represents a reasonable approximation of the interest factor.