Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)
| Six | ||||||||||||||||||||||||
| Months | ||||||||||||||||||||||||
| Ended June | Year Ended December 31, | |||||||||||||||||||||||
| 30, 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
| (Dollars in thousands, except ratios) | ||||||||||||||||||||||||
| Income before income taxes and cumulative effect of change in accounting principle, but after noncontrolling interest | 70,857 | 326,060 | 1,057,634 | 985,916 | 767,413 | 635,067 | ||||||||||||||||||
| Add: | ||||||||||||||||||||||||
| Portion of rents representative of the interest factor | 3,967 | 7,934 | 7,146 | 6,449 | 5,810 | 5,594 | ||||||||||||||||||
| Interest expense | 40,437 | 84,623 | 88,996 | 92,522 | 85,926 | 66,423 | ||||||||||||||||||
| Income as adjusted | 115,261 | 418,617 | 1,153,776 | 1,084,887 | 859,149 | 707,084 | ||||||||||||||||||
| Fixed charges: | ||||||||||||||||||||||||
| Interest expense | 40,437 | 84,623 | 88,996 | 92,522 | 85,926 | 66,423 | ||||||||||||||||||
| Portion of rents representative of the interest factor | 3,967 | 7,934 | 7,146 | 6,449 | 5,810 | 5,594 | ||||||||||||||||||
| Total | 44,404 | 92,557 | 96,142 | 98,971 | 91,736 | 72,017 | ||||||||||||||||||
| Ratio of Earnings to Fixed Charges | 2.6 | 4.5 | 12.0 | 11.0 | 9.4 | 9.8 | ||||||||||||||||||
| (1) | No preferred stock dividends were paid during the periods set forth above. |