Exhibit 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
(DOLLARS IN THOUSANDS)
Year Ended December 31, | ||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Income from continuing operations before provision for income taxes and extraordinary item | $ | 287,847 | $ | 107,291 | $ | 359,000 | $ | 446,130 | $ | 508,434 | ||||||||||
Income from equity investees (1) | — | (25,132 | ) | (42,063 | ) | (36,521 | ) | (45,432 | ) | |||||||||||
Distributed income from equity investees | — | 19,902 | 32,897 | 33,705 | 33,829 | |||||||||||||||
Interest and amortization of deferred finance costs | 94,411 | 362,065 | 652,468 | 648,964 | 651,926 | |||||||||||||||
Amortization of capitalized interest | 567 | 881 | 1,469 | 2,024 | 2,432 | |||||||||||||||
Implicit rental interest expense | 22,986 | 38,424 | 57,792 | 61,783 | 64,380 | |||||||||||||||
Total Earnings | $ | 405,811 | $ | 503,431 | $ | 1,061,563 | $ | 1,156,085 | $ | 1,215,569 | ||||||||||
Fixed Charges | ||||||||||||||||||||
Interest and amortization of deferred finance costs | $ | 94,411 | $ | 362,065 | $ | 652,468 | $ | 648,964 | $ | 651,926 | ||||||||||
Capitalized interest | 2,955 | 19,009 | 22,147 | 16,695 | 11,902 | |||||||||||||||
Implicit rental interest expense | 22,986 | 38,424 | 57,792 | 61,783 | 64,380 | |||||||||||||||
Total fixed charges | $ | 120,352 | $ | 419,498 | $ | 732,407 | $ | 727,442 | $ | 728,208 | ||||||||||
Ratio of earnings to fixed charges | 3.37 | x | 1.20 | x | 1.45 | x | 1.59 | x | 1.67 | x |
(1) | The Company recognized an immaterial amount of income from equity investees prior to 2007. |