Exhibit 12.1
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Year Ended December 31, | Six Months Ended June 30, | |||||||||||||||||||||||||||
| 2005 | 2006 | 2007 | 2008 | 2009 | 2009 | 2010 | ||||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||||||||||
Income before income taxes | $ | 326,102 | $ | 90,523 | $ | 223,501 | $ | 279,424 | $ | 263,679 | $ | 117,095 | $ | 170,580 | ||||||||||||||
Fixed charges | 114,965 | 202,074 | 290,209 | 309,033 | 401,319 | 196,372 | 196,808 | |||||||||||||||||||||
Amortization of capitalized interest | 408 | 843 | 2,388 | 6,041 | 9,920 | 4,481 | 5,706 | |||||||||||||||||||||
Capitalized interest | (3,564 | ) | (17,503 | ) | (34,867 | ) | (64,160 | ) | (37,495 | ) | (23,071 | ) | (11,398 | ) | ||||||||||||||
Total earnings available for fixed charges: | $ | 437,911 | $ | 275,937 | $ | 481,231 | $ | 530,338 | $ | 637,423 | $ | 294,877 | $ | 361,696 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (1) | $ | 58,033 | $ | 115,985 | $ | 201,746 | $ | 179,398 | $ | 270,285 | $ | 128,966 | $ | 132,985 | ||||||||||||||
Portion of rent expense representative of interest (2) | 17,202 | 28,199 | 41,392 | 65,475 | 93,539 | 44,335 | 52,425 | |||||||||||||||||||||
Capitalized interest | 3,564 | 17,503 | 34,867 | 64,160 | 37,495 | 23,071 | 11,398 | |||||||||||||||||||||
Net preferred stock dividends (3) | 36,166 | 40,387 | 12,204 | — | — | — | — | |||||||||||||||||||||
Total fixed charges: | $ | 114,965 | $ | 202,074 | $ | 290,209 | $ | 309,033 | $ | 401,319 | $ | 196,372 | $ | 196,808 | ||||||||||||||
Ratio of earnings to fixed charges: | 3.81x | 1.37x | 1.66x | 1.72x | 1.59x | 1.50x | 1.84x | |||||||||||||||||||||
| (1) | Interest expense includes amortization of deferred debt issuance costs and premiums and discounts related to indebtedness. |
| (2) | The portion of operating rental expense that management believes is representative of interest is estimated to be 33%. |
| (3) | Net preferred stock dividends are the company’s preferred dividend expense net of income tax benefit. |