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Content analysis
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H.S. sophomore Avg
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Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)
|
| Year Ended December 31, |
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| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
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Earnings: |
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Income before provision for income taxes |
| $ | (1,257 | ) | $ | 82 |
| $ | 31,803 |
| $ | 23,270 |
| $ | 82,977 |
|
Less/add: Equity in net earnings (loss) of unconsolidated businesses |
| 8,569 |
| 10,466 |
| 3,974 |
| 1,574 |
| (209 | ) | |||||
Add: Fixed charges |
| 31,373 |
| 30,843 |
| 15,662 |
| 14,911 |
| 21,112 |
| |||||
Add: Distributed income of unconsolidated businesses |
| 11,294 |
| 11,590 |
| 4,427 |
| 2,826 |
| 905 |
| |||||
Total earnings before income taxes and fixed charges |
| $ | 32,841 |
| $ | 32,049 |
| $ | 47,918 |
| $ | 39,433 |
| $ | 105,203 |
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Fixed charges: |
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Interest on borrowings |
| $ | 26,885 |
| $ | 25,759 |
| $ | 11,063 |
| $ | 10,540 |
| $ | 14,334 |
|
Interest component of rent expense (1) |
| 4,488 |
| 5,084 |
| 4,599 |
| 4,371 |
| 6,778 |
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Total fixed charges |
| $ | 31,373 |
| $ | 30,843 |
| $ | 15,662 |
| $ | 14,911 |
| $ | 21,112 |
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Ratio of earnings to fixed charges |
| 1.0x |
| 1.0x |
| 3.1x |
| 2.6x |
| 5.0x |
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(1) Amount represents those portions of rent expense that are reasonable approximations of interest costs.