Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||
(In Thousands, Except Ratios) | ||||||||||||||||||||
Twelve months | Twelve months | Twelve months | Three months | Three months | ||||||||||||||||
Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
March 31, | December 31, | December 31, | March 31, | March 31, | ||||||||||||||||
2011 | 2010 | 2009 | 2011 | 2010 | ||||||||||||||||
Earnings: (1) | ||||||||||||||||||||
Net income | $ | 117,062 | $ | 123,854 | $ | 107,428 | $ | 48,562 | $ | 55,354 | ||||||||||
Income taxes | 71,958 | 77,100 | 59,244 | 28,566 | 33,708 | |||||||||||||||
Fixed Charges (See below) (2) | 81,933 | 81,803 | 80,107 | 20,512 | 20,382 | |||||||||||||||
Total adjusted earnings | $ | 270,953 | $ | 282,757 | $ | 246,779 | $ | 97,640 | $ | 109,444 | ||||||||||
Fixed charges: (2) | ||||||||||||||||||||
Total interest expense | $ | 81,533 | $ | 81,425 | $ | 79,203 | $ | 20,421 | $ | 20,313 | ||||||||||
Interest component of rents | 400 | 378 | 904 | 91 | 69 | |||||||||||||||
Total fixed charges | $ | 81,933 | $ | 81,803 | $ | 80,107 | $ | 20,512 | $ | 20,382 | ||||||||||
Ratio of earnings to fixed charges | 3.3 | 3.5 | 3.1 | 4.8 | 5.4 |
(1) For the purposes of computing these ratios, earnings consist of pretax net income before fixed charges.
(2) | Fixed charges consist of total interest, amortization of debt discount, premium and expense, and the estimated portion of interest implicit in rentals. |