Exhibit 12
| COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||
| (In Thousands, Except Ratios) | ||||||||||||||||||||
| Twelve months | Twelve months | Twelve months | Twelve months | Twelve months | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
| Earnings: (1) | ||||||||||||||||||||
| Net income (2) | $ | 107,428 | $ | 111,136 | $ | 106,506 | $ | 91,377 | $ | 95,128 | ||||||||||
| Income taxes | 59,244 | 67,560 | 66,741 | 47,691 | 57,500 | |||||||||||||||
| Fixed Charges (See below) (3) | 80,107 | 80,611 | 81,145 | 78,345 | 71,007 | |||||||||||||||
| Less: Preferred stock dividend | - | - | - | - | 4 | |||||||||||||||
Total adjusted earnings | $ | 246,779 | $ | 259,307 | $ | 254,392 | $ | 217,413 | $ | 223,631 | ||||||||||
| Fixed charges: (3) | ||||||||||||||||||||
Total interest expense | $ | 79,203 | $ | 79,877 | $ | 80,576 | $ | 77,538 | $ | 69,942 | ||||||||||
Interest component of rents | 904 | 734 | 569 | 807 | 1,061 | |||||||||||||||
Preferred stock dividend | - | - | - | - | 4 | |||||||||||||||
Total fixed charges | $ | 80,107 | $ | 80,611 | $ | 81,145 | $ | 78,345 | $ | 71,007 | ||||||||||
| Ratio of earnings to fixed charges | 3.1 | 3.2 | 3.1 | 2.8 | 3.1 | |||||||||||||||
(1) For the purposes of computing these ratios, earnings consist of pretax net income before fixed charges and less preferred stock dividends of a consolidated subsidiary.
(2) Net income, as defined, is before preferred stock dividend requirement of subsidiary and cumulative effect of change in accounting principle.
(3) Fixed charges consist of total interest, amortization of debt discount, premium and expense, the estimated portion of interest implicit in rentals, and preferred
stock dividends of a consolidated subsidiary.