Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | |
| | | Fiscal | | | Fiscal | | | Fiscal | | | Fiscal | | | Fiscal | |
| | | 2006 | | | 2005 | | | 2004 | | | 2003 | | | 2002 | |
| Earnings | | | | | | | | | | | | | | | | | | | | |
| Income from continuing operations before taxes | | $ | 187,685 | | | $ | 121,634 | | | $ | 114,841 | | | $ | 87,346 | | | $ | 63,562 | |
| Fixed charges | | | 78,692 | | | | 77,750 | | | | 55,512 | | | | 33,858 | | | | 30,914 | |
| | | | | | | | | | | | | | | | |
| Total earnings | | $ | 266,377 | | | $ | 199,384 | | | $ | 170,353 | | | $ | 121,204 | | | $ | 94,476 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Fixed Charges | | | | | | | | | | | | | | | | | | | | |
| Interest expense, net | | $ | 10,025 | | | $ | 12,959 | | | $ | 8,009 | | | $ | 1,831 | | | $ | 2,864 | |
| |
| Portion of rent expense representative of interest | | | 68,667 | | | | 64,791 | | | | 47,503 | | | | 32,027 | | | | 28,050 | |
| | | | | | | | | | | | | | | | |
| Total fixed charges | | $ | 78,692 | | | $ | 77,750 | | | $ | 55,512 | | | $ | 33,858 | | | $ | 30,914 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Ratio of earnings to fixed charges | | | 3.39 | | | | 2.56 | | | | 3.07 | | | | 3.58 | | | | 3.06 | |
| | | | | | | | | | | | | | | | |
For purposes of calculating the ratios,
(1) earnings include income from continuing operations before income taxes, fixed charges and a reduction for preference dividend to earnings; and
(2) fixed charges are interest expense incurred, amortization of debt expense and discount or premium related to any indebtedness, the interest component of rent and preference dividend to earnings.
The ratio of earnings to fixed charges is calculated as follows:
(Earnings) + (Fixed Charges)
(Fixed Charges)
71
