Exhibit 12.1
STATEMENT REGARDING COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
($ in thousands)
Year Ended December 31, | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
Income before income taxes | 275,655 | 182,100 | 215,747 | 311,963 | 301,290 | |||||||||||||||
Equity investee losses (earnings) | 2,143 | 2,586 | 158 | 1,216 | — | |||||||||||||||
Fixed charges, excluding capitalized amounts: | ||||||||||||||||||||
Interest expense, including amortization of financing costs | 64,124 | 65,433 | 34,636 | 34,283 | 35,927 | |||||||||||||||
Interest portion of rent expense (1) | 8,467 | 9,233 | 7,167 | 6,033 | 5,833 | |||||||||||||||
Amortization of capitalized interest | 373 | 326 | 120 | 76 | — | |||||||||||||||
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Earnings as defined | 350,762 | 259,678 | 257,828 | 353,571 | 343,050 | |||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense, including amortization of financing costs | 64,124 | 65,433 | 34,636 | 34,283 | 35,927 | |||||||||||||||
Interest portion of rent expense (1) | 8,467 | 9,233 | 7,167 | 6,033 | 5,833 | |||||||||||||||
Capitalized interest | 174 | 508 | 995 | 1,066 | 935 | |||||||||||||||
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Fixed charges | 72,765 | 75,174 | 42,798 | 41,382 | 42,695 | |||||||||||||||
Ratio of Earnings to Fixed Charges | 4.8 | 3.5 | 6.0 | 8.5 | 8.0 | |||||||||||||||
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(1) | One-third of rent expense is deemed to be a reasonable approximation of the interest portion of rent expense. |