EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
| Year Ended December 31, | ||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
| (Restated) | (Restated) | (Restated) | (Restated) | |||||||||||||||||
Income from continuing operations before income taxes (a) | $ | 744,235 | $ | 198,345 | $ | 285,345 | $ | 1,643,243 | $ | 1,446,865 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest Expense (b) | 462,307 | 416,044 | 383,785 | 264,418 | 183,128 | |||||||||||||||
Capitalized Interest | 9,805 | 18,625 | 32,409 | 30,071 | 2,624 | |||||||||||||||
Interest factor portion of rentals (c) | 80,576 | 64,822 | 63,043 | 47,198 | 43,211 | |||||||||||||||
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Total fixed charges | 552,688 | 499,491 | 479,237 | 341,687 | 228,963 | |||||||||||||||
Less: Capitalized Interest | (9,805 | ) | (18,625 | ) | (32,409 | ) | (30,071 | ) | (2,624 | ) | ||||||||||
Earnings before income taxes and fixed charges | $ | 1,287,118 | $ | 679,211 | $ | 732,173 | $ | 1,954,859 | $ | 1,673,204 | ||||||||||
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Ratio of earnings to fixed charges | 2.33 | 1.36 | 1.53 | 5.72 | 7.31 | |||||||||||||||
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| (a) | Income from continuing operations before income taxes has been adjusted to include only distributed income of less-than-fifty-percent-owned entities. |
| (b) | Interest expense consists of interest expense incurred from continuing operations and amortization of debt issuance costs (not net of interest income). |
| (c) | Interest factor portion of rentals is estimated to be one-third of rental expense. |