Exhibit 12.1
Ratio of Earnings to Fixed Charges
Amounts in Thousands (except ratios)
| | | | | | | | | | | | | | | | | | |
| | | Year Ended December 31, | | Six Months
Ended June 30,
2010 |
| | | 2005 | | 2006 | | 2007 | | 2008 | | 2009 | |
Earnings: | | | | | | | | | | | | | | | | | | |
Pre-tax income from continuing operations | | $ | 130,742 | | $ | 155,278 | | $ | 173,886 | | $ | 157,318 | | $ | 150,634 | | $ | 66,670 |
Less: Income from equity investees | | | 803 | | | 1,052 | | | 1,230 | | | 1,414 | | | 1,113 | | | 548 |
| | | | | | | | | | | | | | | | | | |
Pre-tax income from continuing operations before adjustment for income from equity investees | | | 129,939 | | | 154,226 | | | 172,656 | | | 155,904 | | | 149,521 | | | 66,122 |
Add: | | | | | | | | | | | | | | | | | | |
Fixed charges | | | 19,083 | | | 16,694 | | | 16,434 | | | 13,259 | | | 6,956 | | | 2,854 |
Distributions from equity investees | | | 681 | | | 1,095 | | | 1,245 | | | 1,180 | | | 1,337 | | | 148 |
| | | | | | | | | | | | | | | | | | |
Total Earnings | | $ | 149,703 | | $ | 172,015 | | $ | 190,335 | | $ | 170,343 | | $ | 157,814 | | $ | 69,124 |
| | | | | | | | | | | | | | | | | | |
Fixed Charges: | | | | | | | | | | | | | | | | | | |
Interest expense and amortization of loan costs (1), (2) | | $ | 16,401 | | $ | 14,948 | | $ | 14,816 | | $ | 11,150 | | $ | 4,693 | | $ | 1,470 |
Rental expense interest component (3) | | | 2,682 | | | 1,746 | | | 1,618 | | | 2,109 | | | 2,263 | | | 1,384 |
| | | | | | | | | | | | | | | | | | |
Total Fixed Charges | | $ | 19,083 | | $ | 16,694 | | $ | 16,434 | | $ | 13,259 | | $ | 6,956 | | $ | 2,854 |
| | | | | | | | | | | | | | | | | | |
Ratio of Earnings to Fixed Charges | | | 7.8 | | | 10.3 | | | 11.6 | | | 12.8 | | | 22.7 | | | 24.2 |
| | | | | | | | | | | | | | | | | | |
Computation of Pro Forma Ratio of Earnings to Fixed Charges
After Adjustment for Issuance of Notes
Amounts in Thousands (except ratios)
| | | | | | |
| | | Year Ended
December 31,
2009 | | Six Months
Ended June 30,
2010 |
Pre-tax income from continuing operations before adjustments from equity investees plus fixed charges | | $ | 157,814 | | $ | 69,124 |
| | | | | | |
| | |
Fixed Charges: | | | | | | |
| | |
Fixed Charges | | $ | 6,956 | | $ | 2,854 |
Adjustments: | | | | | | |
Estimated net increase in interest expense from refinancing | | | 11,579 | | | 6,519 |
| | | | | | |
Total Pro Forma Fixed Charges | | $ | 18,535 | | $ | 9,373 |
| | | | | | |
| | |
Pro Forma Ratio of Earnings to Fixed Charges | | | 8.5 | | | 7.4 |
| | | | | | |
| (1) | Excludes losses recognized on early extinguishment of debt. |
| (2) | The Company records interest expense accrued on uncertain tax positions as a component of income taxes. The Company has excluded these costs from both the earnings and fixed charges calculation. |
| (3) | The Company utilized one-third of rental expenses relating to operating leases as the interest portion which it believes is a reasonable approximation of the interest factor. |
