Exhibit 12.1
Computation of ratio of earnings to fixed charges | ||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
For The Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||
6/30/2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Pre-tax earnings from continuing operations | $ | 81,643 | $ | 154,282 | $ | 137,508 | $ | 136,616 | $ | 64,071 | $ | 27,165 | ||||||||||||
Addback: | ||||||||||||||||||||||||
Fixed charges | 14,407 | 26,141 | 23,104 | 23,128 | 20,612 | 13,909 | ||||||||||||||||||
Subtract: | ||||||||||||||||||||||||
Non-controlling interest | 1,233 | (3,435 | ) | (2,574 | ) | - | - | - | ||||||||||||||||
Interest capitalized | - | (1,089 | ) | (116 | ) | - | - | - | ||||||||||||||||
Total earnings | $ | 97,283 | $ | 175,899 | $ | 157,922 | $ | 159,744 | $ | 84,683 | $ | 41,074 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expensed and capitalized | $ | 10,951 | $ | 19,081 | $ | 16,434 | $ | 16,673 | $ | 15,626 | $ | 10,574 | ||||||||||||
Interest component of rental payments (1) | 3,456 | 7,060 | 6,670 | 6,455 | 4,986 | 3,335 | ||||||||||||||||||
Total fixed charges | $ | 14,407 | $ | 26,141 | $ | 23,104 | $ | 23,128 | $ | 20,612 | $ | 13,909 | ||||||||||||
Ratio of earnings to fixed charges | 6.75 | 6.73 | 6.84 | 6.91 | 4.11 | 2.95 | ||||||||||||||||||
(1) Estimated at 33% of rental expense as a reasonable approximation of the interest factor. |