EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
For the five years ended December 31, 2011 and six months ended June 30, 2012, the computation of ratio of earnings to fixed charges is as follows (dollars in thousands):
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| As of or for the Fiscal Year Ended December 31, |
| Six Months |
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| 2007 |
| 2008 |
| 2009 |
| 2010 |
| 2011 |
| 2012 |
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Earnings: |
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Income before taxes |
| $ | 216,824 |
| $ | 163,943 |
| $ | 168,019 |
| $ | 247,547 |
| $ | 319,587 |
| $ | 173,496 |
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Add: |
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Fixed charges |
| 170,407 |
| 197,070 |
| 180,293 |
| 313,161 |
| 268,940 |
| 128,937 |
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Amortization of capitalized interest |
| — |
| — |
| — |
| — |
| — |
| — |
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Less: |
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Interest capitalized |
| — |
| — |
| — |
| — |
| — |
| — |
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Noncontrolling interest in pretax income of subsidiaries |
| — |
| — |
| — |
| — |
| — |
| — |
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Earnings |
| $ | 387,231 |
| $ | 361,013 |
| $ | 348,312 |
| $ | 560,708 |
| $ | 588,527 |
| $ | 302,433 |
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Fixed charges: |
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Interest expense inclusive of amortized premiums, discounts and capitalized expenses related to indebtedness |
| 170,121 |
| 196,728 |
| 180,132 |
| 313,032 |
| 268,834 |
| $ | 128,890 |
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Interest capitalized |
| — |
| — |
| — |
| — |
| — |
| — |
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Estimate of the interest component of rental expense |
| 286 |
| 342 |
| 161 |
| 129 |
| 106 |
| 47 |
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Fixed charges |
| $ | 170,407 |
| $ | 197,070 |
| $ | 180,293 |
| $ | 313,161 |
| $ | 268,940 |
| $ | 128,937 |
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Ratio of earnings to fixed charges |
| 2.27 |
| 1.83 |
| 1.93 |
| 1.79 |
| 2.19 |
| 2.35 |
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