Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(dollars in thousands)
December 31, | ||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Pre-tax income1 | $ | 1,459,104 | $ | 512,065 | $ | 372,466 | $ | 195,405 | $ | 250,649 | ||||||||||
Add: Fixed charges | 76,872 | 22,393 | 15,236 | 5,590 | 5,211 | |||||||||||||||
Distributions from equity method investees | 23,460 | 1,939 | 2,620 | 2,276 | 3,144 | |||||||||||||||
Less: Income from equity method investees | (83,894 | ) | (5,659 | ) | (11,526 | ) | (2,549 | ) | (4,912 | ) | ||||||||||
Pre-tax income before fixed charges | $ | 1,475,542 | $ | 530,738 | $ | 378,796 | $ | 200,722 | $ | 254,092 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 49,412 | $ | 9,916 | $ | 7,924 | $ | 835 | $ | 720 | ||||||||||
Interest expense on uncertain tax positions2 | 1,727 | — | — | — | — | |||||||||||||||
Portion of rent representative of interest | 25,733 | 12,477 | 7,312 | 4,755 | 4,491 | |||||||||||||||
Total fixed charges | $ | 76,872 | $ | 22,393 | $ | 15,236 | $ | 5,590 | $ | 5,211 | ||||||||||
Ratio of earnings to fixed charges | 19.19 | 23.70 | 24.86 | 35.91 | 48.76 | |||||||||||||||
1 | Pre-tax income includes operating income and non-operating income, net of non-controlling interest. |
2 | Interest expense on uncertain tax positions, in accordance with FIN. No. 48, has been recorded within income tax expense on the consolidated statements of income. |