Exhibit 12.1
Ratio of Earnings to Fixed Charges
Amounts in Thousands (except ratios)
Year Ended December 31, | ||||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | Three Months Ended March 31, 2012 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Pre-tax income from continuing operations | $ | 173,886 | $ | 157,318 | $ | 150,634 | $ | 158,211 | $ | 158,057 | $ | 30,233 | ||||||||||||
Less: Income(loss) from equity investees | 1,230 | 1,414 | 1,113 | 1,226 | 269 | (55 | ) | |||||||||||||||||
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Pre-tax income from continuing operations before adjustment for income from equity investees | 172,656 | 155,904 | 149,521 | 156,985 | 157,788 | 30,288 | ||||||||||||||||||
Add: | ||||||||||||||||||||||||
Fixed charges | 16,434 | 13,259 | 6,956 | 10,498 | 19,657 | 4,946 | ||||||||||||||||||
Distributions from equity investees | 1,245 | 1,180 | 1,337 | 1,155 | 1,139 | — | ||||||||||||||||||
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Total Earnings | $ | 190,335 | $ | 170,343 | $ | 157,814 | $ | 168,638 | $ | 178,584 | $ | 35,234 | ||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest expense and amortization of loan costs (1) | $ | 14,816 | $ | 11,150 | $ | 4,693 | $ | 7,641 | $ | 16,849 | $ | 4,253 | ||||||||||||
Rental expense interest component (2) | 1,618 | 2,109 | 2,263 | 2,857 | 2,808 | 693 | ||||||||||||||||||
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Total Fixed Charges | $ | 16,434 | $ | 13,259 | $ | 6,956 | $ | 10,498 | $ | 19,657 | $ | 4,946 | ||||||||||||
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Ratio of Earnings to Fixed Charges | 11.6 | 12.8 | 22.7 | 16.1 | 9.1 | 7.1 | ||||||||||||||||||
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(1) | 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. |
(2) | 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. |
Ratio of Earnings to Fixed Charges
Amounts in Thousands (except ratios)
Year Ended December 31, | ||||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | Three Months Ended March 31, 2012 | |||||||||||||||||||
Account # | ||||||||||||||||||||||||
927000 Interest Expense | 14,496 | 10,879 | 4,474 | 6,979 | 15,187 | 3,843 | ||||||||||||||||||
927100 Interest expense -interco | (3 | ) | 11 | (9 | ) | — | — | — | ||||||||||||||||
927200 Interest expense - hedge | — | — | — | 332 | 862 | 216 | ||||||||||||||||||
928300 Amortization - debt costs | 65 | 21 | — | 21 | 64 | 16 | ||||||||||||||||||
928400 Amortization - Loan costs | 258 | 239 | 228 | 309 | 736 | 178 | ||||||||||||||||||
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Interest exp and amortization of Loan costs | 14,816 | 11,150 | 4,693 | 7,641 | 16,849 | 4,253 | ||||||||||||||||||
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795100 Cost of Captial | (523 | ) | (218 | ) | (279 | ) | (961 | ) | (3,910 | ) | (1,136 | ) | ||||||||||||
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Interest Per P&L | 14,293 | 10,932 | 4,414 | 6,680 | 12,939 | 3,117 | ||||||||||||||||||
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14,293 | 10,932 | 4,414 | 6,680 | 12,939 | 3,117 | |||||||||||||||||||
Variance | — | — | — | — | — | — |
Ratio of Earnings to Fixed Charges
Amounts in Thousands (except ratios)
Year Ended December 31, | ||||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | Three Months Ended March 31, 2012 | |||||||||||||||||||
Rent expense under non-cancellable leases | 4,588 | 5,954 | 6,614 | 8,444 | 8,369 | 2,078 | ||||||||||||||||||
Rent expense under month to month leases | 52 | 156 | 94 | 53 | 59 | — | ||||||||||||||||||
Charter Plane expenses | — | 65 | — | — | — | |||||||||||||||||||
Other rent expense | 213 | 217 | 15 | 74 | (5 | ) | — | |||||||||||||||||
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4,853 | 6,327 | 6,788 | 8,571 | 8,423 | 2,078 | |||||||||||||||||||
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1/3 interest portion | 33.333 | % | 33.333 | % | 33.333 | % | 33.333 | % | 33.333 | % | 33.333 | % | ||||||||||||
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Interest expense | 1,618 | 2,109 | 2,263 | 2,857 | 2,808 | 693 | ||||||||||||||||||
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