eTrade 2000 Annual Report Download - page 260
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 |
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William Ford
Compensation Committee
EXECUTIVE
/s/ Christos M. Cotsakos
Christos M. Cotsakos
Exhibit 12.1
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS
Years Ended September 30,
2000 1999 1998 1997 1996
Statement of Earnings to Fixed Charges (dollars in thousands)
Fixed Charges:
Interest expense $ 630,397 $ 215,523 $ 120,355 $ 61,189 $ 37,266
Amortization of debt issuance costs 1,788 230 281 204 127
Estimated interest within rental expense 14,202 12,213 7,281 4,152 1,181
Preference securities dividend requirement
ofconsolidated subsidiaries
— 6,083 6,840 2,203 208
Total fixed charges $ 646,387 $ 234,049 $ 134,757 $ 67,748 $ 38,782
Earnings:
Income (loss) before income taxes, minority
interest, extraordinary item and
cumulative effect of accounting change less equity in
income (losses) of investments
$ 115,962 $ (74,568 ) $ 2,312 $ 33,218 $ 5,537
Fixed charges 646,387 234,049 134,757 67,748 38,782
Less:
Preference securities dividend requirement
ofconsolidated subsidiaries
— (6,083 ) (6,840 ) (2,203 ) (208 )
Earnings $ 762,349 $ 153,398 $ 130,229 $ 98,763 $ 44,111
Ratio of earnings to fixed charges 1.18 0.66 0.97 1.46 1.14
Pro forma ratio of earnings to fixed charges 1.13 — — — —
Excess (deficiency) of earnings to fixed
charges
$ 115,962 $ (80,651 ) $ (4,528 ) $ 31,015 $ 5,329
Pro forma excess (deficiency) of earnings to
fixed charges
$ 88,858 $ — $ — $ — $ —
The ratio of earnings to fixed charges is computed by dividing fixed charges into income (loss) before income taxes, minority interest,
extraordinary items and the cumulative effect of accounting change less equity in the income (losses) of investments plus fixed charges
less the preference securities dividend requirement of consolidated subsidiaries. Fixed charges include, as applicable, interest expense,
amortization of debt issuance costs, the estimated interest component of rent expense, and the preference securities dividend
requirement of consolidated subsidiaries.
The pro forma ratio gives effect to the issuance of the 6% Convertible Subordinated Notes as of the beginning of fiscal 2000, and the
repayment of bank borrowings with the proceeds from the offering for the year ended September30, 2000.
2002. EDGAR Online, Inc.