Exhibit 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
| Year Ended December 31, | ||||||||||||||||||||||
| 2008 | 2009 | 2010 | 2011 | 2012 | ||||||||||||||||||
Earnings | ||||||||||||||||||||||
Income from continuing operations before provision for income taxes | $ | 366,287 | $ | 447,662 | $ | 518,894 | $ | 473,547 | $ | 503,771 | ||||||||||||
Income from equity investees | (42,073) | (36,531) | (45,443) | (49,491) | (42,033) | |||||||||||||||||
Distributed income from equity investees | 32,897 | 33,705 | 33,882 | 39,995 | 32,255 | |||||||||||||||||
Interest and amortization of deferred finance costs | 643,397 | 643,608 | 647,593 | 644,410 | 622,933 | |||||||||||||||||
Amortization of capitalized interest | 1,468 | 2,021 | 2,421 | 2,882 | 3,524 | |||||||||||||||||
Implicit rental interest expense | 55,440 | 59,384 | 62,116 | 63,695 | 68,207 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total earnings | $ | 1,057,416 | $ | 1,149,849 | $ | 1,219,463 | $ | 1,175,038 | $ | 1,188,657 | ||||||||||||
Fixed Charges | ||||||||||||||||||||||
Interest and amortization of deferred finance costs | $ | 643,397 | $ | 643,608 | $ | 647,593 | $ | 644,410 | $ | 622,933 | ||||||||||||
Capitalized interest | 22,087 | 16,649 | 11,316 | 20,998 | 23,933 | |||||||||||||||||
Implicit rental interest expense | 55,440 | 59,384 | 62,116 | 63,695 | 68,207 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | $ | 720,924 | $ | 719,641 | $ | 721,025 | $ | 729,103 | $ | 715,073 | ||||||||||||
Ratio of earnings to fixed charges | 1.47 | x | 1.60 | x | 1.69 | x | 1.61 | x | 1.66 | x | ||||||||||||