Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||
(In Thousands, Except Ratios) | ||||||||||||||||||||
Twelve months | Twelve months | Twelve months | Six Months | Six Months | ||||||||||||||||
Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
June 30, | December 31, | December 31, | June 30, | June 30, | ||||||||||||||||
2009 | 2008 | 2007 | 2009 | 2008 | ||||||||||||||||
Earnings: (1) | ||||||||||||||||||||
Net income (2) | $ | 107,147 | $ | 111,136 | $ | 106,506 | $ | 62,794 | $ | 66,783 | ||||||||||
Income taxes | 61,828 | 67,560 | 66,741 | 35,343 | 41,075 | |||||||||||||||
Equity in (income) losses of equity investees, net of distributions | - | - | - | - | - | |||||||||||||||
Fixed Charges (See below) (3) | 79,405 | 80,611 | 81,145 | 38,886 | 40,092 | |||||||||||||||
Less: Preferred stock dividend | - | - | - | - | - | |||||||||||||||
Total adjusted earnings | $ | 248,380 | $ | 259,307 | $ | 254,392 | $ | 137,023 | $ | 147,950 | ||||||||||
Fixed charges: (3) | ||||||||||||||||||||
Total interest expense | $ | 78,657 | $ | 79,877 | $ | 80,576 | $ | 38,715 | $ | 39,935 | ||||||||||
Interest component of rents | 748 | 734 | 569 | 171 | 157 | |||||||||||||||
Preferred stock dividend | - | - | - | - | - | |||||||||||||||
Total fixed charges | $ | 79,405 | $ | 80,611 | $ | 81,145 | $ | 38,886 | $ | 40,092 | ||||||||||
Ratio of earnings to fixed charges | 3.1 | 3.2 | 3.1 | 3.5 | 3.7 |