Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(dollars in thousands)
Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2008 | 2007 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||
Income before income taxes and non-controlling interests | $ | 778,889 | $ | 925,681 | $ | 1,822,719 | $ | 528,233 | $ | 375,755 | $ | 200,438 | $ | 250,902 | ||||||||||||||
Less: Non-controlling interests | (14,540 | ) | 273,131 | 363,615 | 16,168 | 3,289 | 5,033 | 253 | ||||||||||||||||||||
Pre-tax income net of non-controlling interests | 793,429 | 652,550 | 1,459,104 | 512,065 | 372,466 | 195,405 | 250,649 | |||||||||||||||||||||
Add: Fixed charges | 51,832 | 33,312 | 76,872 | 22,393 | 15,236 | 5,590 | 5,211 | |||||||||||||||||||||
Distributions of earnings from equity method investees | 13,946 | 5,118 | 23,460 | 1,939 | 2,620 | 2,276 | 3,144 | |||||||||||||||||||||
Less: Loss (Earnings) from equity method investees | (10,410 | ) | (22,475 | ) | (83,894 | ) | (5,659 | ) | (11,526 | ) | (2,549 | ) | (4,912 | ) | ||||||||||||||
Pre-tax income before fixed charges | $ | 848,797 | $ | 668,505 | $ | 1,475,542 | $ | 530,738 | $ | 378,796 | $ | 200,722 | $ | 254,092 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 34,098 | $ | 21,209 | $ | 49,412 | $ | 9,916 | $ | 7,924 | $ | 835 | $ | 720 | ||||||||||||||
Interest expense on uncertain tax positions1 | 3,650 | — | 1,727 | — | — | — | — | |||||||||||||||||||||
Portion of rent representative of interest | 14,084 | 12,104 | 25,733 | 12,477 | 7,312 | 4,755 | 4,491 | |||||||||||||||||||||
Total fixed charges | $ | 51,832 | $ | 33,313 | $ | 76,872 | $ | 22,393 | $ | 15,236 | $ | 5,590 | $ | 5,211 | ||||||||||||||
Ratio of earnings to fixed charges | 16.4x | 20.1x | 19.2x | 23.7x | 24.9x | 35.9x | 48.8x | |||||||||||||||||||||
1 | Interest expense on uncertain tax positions, in accordance with FIN No. 48, has been recorded within income tax expense on the condensed consolidated statements of income. |