Exhibit 12
Ratio of Earnings to Fixed Charges Worksheet
(In Thousands)
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| Year Ended December 31, |
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Ratio of Earnings to Fixed Charges |
| 2002 |
| 2003 |
| 2004 |
| 2005 |
| 2006 |
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Fixed Charges : |
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Interest on debt and capitalized leases |
| $ | 46,944 |
| $ | 35,824 |
| $ | 22,088 |
| $ | 19,487 |
| $ | 51,728 |
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Amortization of debt discount and expense |
| 3,417 |
| 3,098 |
| 2,579 |
| 1,397 |
| 2,087 |
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Interest element of rentals(a) |
| 6,798 |
| 6,171 |
| 6,369 |
| 7,623 |
| 8,646 |
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Total Fixed Charges |
| $ | 57,159 |
| $ | 45,093 |
| $ | 31,036 |
| $ | 28,507 |
| $ | 62,461 |
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Earnings : |
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Consolidated net income |
| $ | 31,195 |
| $ | 12,495 |
| $ | 105,892 |
| $ | 95,503 |
| $ | 48,539 |
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Addback: |
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Loss from discontinued operations, net of tax of $1,821 |
| — |
| — |
| — |
| — |
| 3,263 |
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Consolidated provision for income taxes |
| 17,546 |
| 5,245 |
| 60,868 |
| 46,855 |
| 31,497 |
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Amortization of capitalized interest |
| 1,293 |
| 1,309 |
| 1,329 |
| 1,414 |
| 1,449 |
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Interest capitalized |
| (622 | ) | (726 | ) | (889 | ) | (357 | ) | (2,167 | ) | |||||
Fixed charges less interest capitalized |
| 57,159 |
| 45,093 |
| 31,036 |
| 28,507 |
| 62,461 |
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Subtotal Earnings |
| 106,571 |
| 63,416 | (b) | 198,236 |
| 171,922 |
| 145,042 | (c) | |||||
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Total Earnings |
| $ | 106,571 |
| $ | 63,416 |
| $ | 198,236 |
| $ | 171,922 |
| $ | 145,042 |
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Ratio of Earnings to Fixed Charges |
| 1.9 |
| 1.4 |
| 6.4 |
| 6.0 |
| 2.3 |
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Rent/Lease Expense |
| 20,600 |
| 18,700 |
| 19,300 |
| 23,100 |
| 26,200 |
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(a) We estimated our interest factor for rentals to be 33.3 percent of our actual rental costs.
(b) 2003 earnings excluded addback for costs related to the early retirement of debt totaling $13.8 million.
(c) 2006 earnings excluded addbacks for costs related to loss on foreign exchange forward purchase contracts totaling $20.8 million, costs related to the early retirement of debt and write off of bridge financing fees totaling $5.3 million.