Exhibit 12.1
Ratio of Earnings to Fixed Charges
Amounts in Thousands (except ratios)
Year Ended December 31, | Six Months Ended June 30, 2010 | |||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | ||||||||||||||
Earnings: | ||||||||||||||||||
Pre-tax income from continuing operations | $ | 130,742 | $ | 155,278 | $ | 173,886 | $ | 157,318 | $ | 150,634 | $ | 66,670 | ||||||
Less: Income from equity investees | 803 | 1,052 | 1,230 | 1,414 | 1,113 | 548 | ||||||||||||
Pre-tax income from continuing operations before adjustment for income from equity investees | 129,939 | 154,226 | 172,656 | 155,904 | 149,521 | 66,122 | ||||||||||||
Add: | ||||||||||||||||||
Fixed charges | 19,083 | 16,694 | 16,434 | 13,259 | 6,956 | 2,854 | ||||||||||||
Distributions from equity investees | 681 | 1,095 | 1,245 | 1,180 | 1,337 | 148 | ||||||||||||
Total Earnings | $ | 149,703 | $ | 172,015 | $ | 190,335 | $ | 170,343 | $ | 157,814 | $ | 69,124 | ||||||
Fixed Charges: | ||||||||||||||||||
Interest expense and amortization of loan costs (1), (2) | $ | 16,401 | $ | 14,948 | $ | 14,816 | $ | 11,150 | $ | 4,693 | $ | 1,470 | ||||||
Rental expense interest component (3) | 2,682 | 1,746 | 1,618 | 2,109 | 2,263 | 1,384 | ||||||||||||
Total Fixed Charges | $ | 19,083 | $ | 16,694 | $ | 16,434 | $ | 13,259 | $ | 6,956 | $ | 2,854 | ||||||
Ratio of Earnings to Fixed Charges | 7.8 | 10.3 | 11.6 | 12.8 | 22.7 | 24.2 | ||||||||||||
(1) | Excludes losses recognized on early extinguishment of debt. |
(2) | The Company records interest expense accrued on uncertain tax positions as a component of income taxes. The Company has excluded these costs from both the earnings and fixed charges calculation. |
(3) | The Company utilized one-third of rental expenses relating to operating leases as the interest portion which it believes is a reasonable approximation of the interest factor. |