ZNT » Topics » Ratio of Earnings to Fixed Charges

This excerpt taken from the ZNT 10-K filed Feb 17, 2005.

Ratio of Earnings to Fixed Charges

        Our ratio of earnings to fixed charges for each of the periods indicated is as follows:

 
  Year Ended December 31,
 
  2004
  2003
  2002
  2001
  2000
Ratio of earnings to fixed charges   12.34 x 7.85 x    

        For purposes of calculating the ratio, earnings consist of income from continuing operations (excluding equity in investee earnings or losses) before provision for income taxes and fixed charges (except capitalized interest in discontinued operations). Fixed charges include interest expense, interest expense capitalized in discontinued operations and approximately 30% of rental expense, which is what we believe to be a reasonable approximation of the interest portion of rental expense. In 2002, 2001 and 2000, our earnings were insufficient to cover our fixed charges by $4.6 million, $46.5 million and $84.6 million, respectively.

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