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, | ||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | ||||||||||||||||
Earnings: (1) | ||||||||||||||||||||
Net income | $ | 130,330 | $ | 122,874 | $ | 123,854 | $ | 56,018 | $ | 48,562 | ||||||||||
Income taxes | 88,681 | 82,859 | 77,100 | 34,388 | 28,566 | |||||||||||||||
Fixed Charges (See below) (2) | 77,936 | 80,650 | 81,803 | 17,798 | 20,512 | |||||||||||||||
Total adjusted earnings | $ | 296,947 | $ | 286,383 | $ | 282,757 | $ | 108,204 | $ | 97,640 | ||||||||||
Fixed charges: (2) | ||||||||||||||||||||
Total interest expense | $ | 77,573 | $ | 80,281 | $ | 81,425 | $ | 17,713 | $ | 20,421 | ||||||||||
Interest component of rents | 363 | 369 | 378 | 85 | 91 | |||||||||||||||
Total fixed charges | $ | 77,936 | $ | 80,650 | $ | 81,803 | $ | 17,798 | $ | 20,512 | ||||||||||
Ratio of earnings to fixed charges | 3.8 | 3.6 | 3.5 | 6.1 | 4.8 |
(2) Fixed charges consist of total interest, amortization of debt discount, premium and expense, and the estimated portion of interest implicit in rentals.