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, | ||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Earnings: (1) | ||||||||||||||||||||
Net income | $ | 122,874 | $ | 123,854 | $ | 107,428 | $ | 111,136 | $ | 106,506 | ||||||||||
Income taxes | 82,859 | 77,100 | 59,244 | 67,560 | 66,741 | |||||||||||||||
Fixed Charges (See below) (2) | 80,650 | 81,803 | 80,107 | 80,611 | 81,145 | |||||||||||||||
Total adjusted earnings | $ | 286,383 | $ | 282,757 | $ | 246,779 | $ | 259,307 | $ | 254,392 | ||||||||||
Fixed charges: (2) | ||||||||||||||||||||
Total interest expense | $ | 80,281 | $ | 81,425 | $ | 79,203 | $ | 79,877 | $ | 80,576 | ||||||||||
Interest component of rents | 369 | 378 | 904 | 734 | 569 | |||||||||||||||
Total fixed charges | $ | 80,650 | $ | 81,803 | $ | 80,107 | $ | 80,611 | $ | 81,145 | ||||||||||
Ratio of earnings to fixed charges | 3.6 | 3.5 | 3.1 | 3.2 | 3.1 |
(2) | Fixed charges consist of total interest, amortization of debt discount, premium and expense, and the estimated portion of interest implicit in rentals. |