Exhibit 12.1
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
(DOLLARS IN THOUSANDS)
Nine Months Ended | ||||||||||||||||||||||||
Year Ended December 31, | September 30, | |||||||||||||||||||||||
2003 | 2004 | 2005 | 2006 | 2007 | 2008 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income from continuing operations before provision for income taxes and extraordinary item | $ | 216,454 | $ | 259,749 | $ | 308,174 | $ | 287,847 | $ | 102,900 | $ | 248,245 | ||||||||||||
Minority interest in the income of subsidiaries with fixed charges (1) | — | — | — | — | 15,996 | 28,359 | ||||||||||||||||||
Income from equity investees (2) | — | — | — | — | (25,132 | ) | (32,083 | ) | ||||||||||||||||
Distributed income from equity investees | — | — | — | — | 19,902 | 12,876 | ||||||||||||||||||
Interest and amortization of deferred finance costs | 63,692 | 69,736 | 87,185 | 94,411 | 364,533 | 487,848 | ||||||||||||||||||
Amortization of capitalized interest | 370 | 433 | 494 | 567 | 881 | 1,046 | ||||||||||||||||||
Implicit rental interest expense | 15,099 | 18,041 | 20,564 | 22,986 | 38,892 | 44,295 | ||||||||||||||||||
Total Earnings | $ | 295,615 | $ | 347,959 | $ | 416,417 | $ | 405,811 | $ | 517,972 | $ | 790,586 | ||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest and amortization of deferred finance costs | $ | 63,692 | $ | 69,736 | $ | 87,185 | $ | 94,411 | $ | 364,533 | $ | 487,848 | ||||||||||||
Capitalized interest | 2,300 | 2,131 | 2,144 | 2,955 | 19,009 | 16,966 | ||||||||||||||||||
Implicit rental interest expense | 15,099 | 18,041 | 20,564 | 22,986 | 38,892 | 44,295 | ||||||||||||||||||
Total fixed charges | $ | 81,091 | $ | 89,908 | $ | 109,893 | $ | 120,352 | $ | 422,434 | $ | 549,109 | ||||||||||||
Ratio of earnings to fixed charges | 3.65 | x | 3.87 | x | 3.79 | x | 3.37 | x | 1.23 | x | 1.44 | x |
(1) | The Company recognized an immaterial amount of minority interest in income from consolidated subsidiaries prior to 2007. | |
(2) | The Company recognized an immaterial amount of income from equity investees prior to 2007. |