EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for each of the periods shown on a consolidated basis. For purposes of determining the ratio of earnings to fixed charges, earnings are defined as earnings (loss) from continuing operations before income taxes, plus fixed charges. Fixed charges consist of interest expense on all indebtedness, amortization of debt discount, amortization of deferred financing costs and an interest factor attributable to operating leases.
Fiscal Years Ended December 31, | Three Months Ended March 31, 2012 | |||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | ||||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income from continuing operations before provision for income taxes | $ | 111,858 | $ | 366,287 | $ | 447,662 | $ | 518,894 | $ | 473,547 | $ | 145,537 | ||||||||||||
Income from equity investees | (25,136 | ) | (42,073 | ) | (36,531 | ) | (45,443 | ) | (49,491 | ) | (12,013 | ) | ||||||||||||
Distributed income from equity investees | 19,902 | 32,897 | 33,705 | 33,882 | 39,995 | 2,941 | ||||||||||||||||||
Interest and amortization of deferred finance costs | 356,488 | 643,397 | 643,608 | 647,593 | 644,410 | 152,175 | ||||||||||||||||||
Amortization of capitalized interest | 881 | 1,468 | 2,021 | 2,421 | 2,882 | 3,285 | ||||||||||||||||||
Implicit rental interest expense | 36,696 | 55,440 | 59,384 | 62,116 | 63,695 | 16,806 | ||||||||||||||||||
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Total Earnings | $ | 500,689 | $ | 1,057,416 | $ | 1,149,849 | $ | 1,219,463 | $ | 1,175,038 | $ | 308,731 | ||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest and amortization of deferred finance costs | $ | 356,488 | $ | 643,397 | $ | 643,608 | $ | 647,593 | $ | 644,410 | $ | 152,175 | ||||||||||||
Capitalized interest | 19,009 | 22,087 | 16,649 | 11,316 | 20,998 | 7,199 | ||||||||||||||||||
Implicit rental interest expense | 36,696 | 55,440 | 59,384 | 62,116 | 63,695 | 16,806 | ||||||||||||||||||
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Total Fixed Charges | $ | 412,193 | $ | 720,924 | $ | 719,641 | $ | 721,025 | $ | 729,103 | $ | 176,180 | ||||||||||||
Ratio of earnings to fixed charges | 1.21 | x | 1.47 | x | 1.60 | x | 1.69 | x | 1.61 | x | 1.75 | X |