Exhibit 12.1
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(in thousands)
| 2008 | 2009 | 2010 | 2011 | 2012 | 3/31/2012 | 3/31/2013 | ||||||||||||||||||||||
Pre-tax income from continuing operations before min. int. | 233,892 | 231,309 | 253,128 | 260,783 | 244,709 | 51,101 | 46,440 | |||||||||||||||||||||
| Equity loss (income) | (229) | (27) | (18) | 134 | (323) | 20 | (19) | |||||||||||||||||||||
| Fixed charges | 76,302 | 77,076 | 77,318 | 76,961 | 61,554 | 17,847 | 13,057 | |||||||||||||||||||||
| Distributed income of equity investees | - | - | - | - | - | - | - | |||||||||||||||||||||
| Less capitalized interest | (13,526) | (1,582) | (3,922) | (1,584) | (1,057) | (497) | (141) | |||||||||||||||||||||
| Earnings, as defined | 296,439 | 306,776 | 326,506 | 336,294 | 304,883 | 68,471 | 59,337 | |||||||||||||||||||||
| Interest expense | 58,964 | 71,477 | 69,146 | 71,046 | 56,181 | 16,197 | 11,869 | |||||||||||||||||||||
| Capitalized interest | 13,526 | 1,582 | 3,922 | 1,584 | 1,057 | 497 | 141 | |||||||||||||||||||||
| Amortization of debt & discount/premium | 3,812 | 4,017 | 4,250 | 4,331 | 4,316 | 1,153 | 1,047 | |||||||||||||||||||||
| Fixed charges, as defined | 76,302 | 77,076 | 77,318 | 76,961 | 61,554 | 17,847 | 13,057 | |||||||||||||||||||||
| Ratio of earnings to fixed charges | 3.9 | 4.0 | 4.2 | 4.4 | 5.0 | 3.8 | 4.5 | |||||||||||||||||||||