Exhibit 12.1
Statement Regarding Computation of Ratio of Earnings to Fixed Charges and Preference Dividends
Ratio of Earnings to Fixed Charges (dollar amounts in thousands) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before provision for income taxes | $ | 174,027 | $ | 154,000 | $ | 79,133 | $ | 67,472 | $ | 8,742 | ||||||||||
Add: | ||||||||||||||||||||
Fixed charges | 92,755 | 74,532 | 51,237 | 36,928 | 32,168 | |||||||||||||||
Less: Undistributed earnings (losses) from equity investees | 27 | (521 | ) | — | — | 119 | ||||||||||||||
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Total Earnings | $ | 266,755 | $ | 229,053 | $ | 130,370 | $ | 104,400 | $ | 40,791 | ||||||||||
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Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 35,060 | $ | 30,242 | $ | 25,944 | $ | 17,721 | $ | 16,135 | ||||||||||
Estimate of interest expense within rental expense | 57,695 | 44,290 | 25,293 | 19,207 | 16,033 | |||||||||||||||
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Total Fixed Charges | $ | 92,755 | $ | 74,532 | $ | 51,237 | $ | 36,928 | $ | 32,168 | ||||||||||
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Ratio of Earnings to Fixed Charges | 2.9x | 3.1x | 2.5x | 2.8x | 1.3x | |||||||||||||||
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