Exhibit 12.1
Computation of Ratios of Earnings to Fixed Charges and Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
(Dollar amounts in thousand)
| Twelve months ended November 30, | Eleven months ended November 30, | Twelve months ended December 31, | Three months ended February 29, | |||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | 2012 | |||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense on long-term indebtedness | $ | 280,046 | $ | 194,851 | $ | 142,846 | $ | 117,227 | $ | 119,858 | $ | 74,186 | ||||||||||||
Interest portion of rent expense | 14,774 | 12,061 | 14,193 | 14,595 | 15,365 | 3,935 | ||||||||||||||||||
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Total Fixed charges | $ | 294,820 | $ | 206,912 | $ | 157,039 | $ | 131,822 | $ | 135,223 | $ | 78,121 | ||||||||||||
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Convertible Preferred Stock Dividends | $ | 4,063 | $ | 3,724 | $ | 4,063 | $ | 4,063 | $ | 4,063 | $ | 1,016 | ||||||||||||
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Earnings: | ||||||||||||||||||||||||
Earnings before income taxes and cumulative effect of change in accounting principle | $ | 419,334 | $ | 396,671 | $ | 507,747 | $ | (888,160 | ) | $ | 241,114 | $ | 148,869 | |||||||||||
Total fixed charges | 294,820 | 206,912 | 157,039 | 131,822 | 135,223 | 78,121 | ||||||||||||||||||
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Total earnings | $ | 714,154 | $ | 603,583 | $ | 664,786 | $ | (756,338 | ) | $ | 376,337 | $ | 226,990 | |||||||||||
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Ratio of Earnings to Fixed Charges (1) | 2.4 | x | 2.9 | x | 4.2 | x | — | (2) | 2.8 | x | 2.9 | x | ||||||||||||
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Ratio of Earnings to Combined Fixed Charges and Convertible Preferred Stock Dividends (3) | 2.4 | x | 2.9 | x | 4.1 | x | — | 2.7 | x | 2.9 | x | |||||||||||||
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| (1) | The ratio of earnings to fixed charges is computed by dividing (a) income from continuing operations before income taxes plus fixed charges by (b) fixed charges. Fixed charges consist of interest expense on all long-term indebtedness and the portion of operating lease rental expense that is representative of the interest factor (deemed to be one-third of operating lease rentals.) |
| (2) | Earnings for the year ended December 31, 2008 were insufficient to cover fixed charges by approximately $756.3 million. |
| (3) | The ratio of earnings to fixed charges is computed by dividing (a) income from continuing operations before income taxes plus fixed charges by the sum of (b) fixed charges and (c) convertible preferred stock dividends. Fixed charges consist of interest expense on all long-term indebtedness and the portion of operating lease rental expense that is representative of the interest factor (deemed to be one-third of operating lease rentals.) |
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