EXHIBIT 12
Statement Regarding Computation of
Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges
For the Year Ended December 31, | ||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
(Dollar amounts in thousands) | ||||||||||||||||||||
Earnings from continuing operations before provision for income taxes | $ | 887,604 | $ | 809,493 | $ | 588,436 | $ | 477,612 | $ | 339,381 | ||||||||||
Add Fixed Charges: | ||||||||||||||||||||
Interest expense | 112,293 | 92,935 | 81,684 | 67,582 | 67,878 | |||||||||||||||
Rent expense (interest portion) | 23,623 | 18,026 | 17,520 | 11,375 | 11,217 | |||||||||||||||
Total fixed charges | 135,915 | 110,961 | 99,204 | 78,957 | 79,095 | |||||||||||||||
Earnings as adjusted | $ | 1,023,519 | $ | 920,453 | $ | 687,640 | $ | 556,569 | $ | 418,476 | ||||||||||
Ratio of earnings to fixed charges | 7.53 | 8.30 | 6.93 | 7.05 | 5.29 | |||||||||||||||
The earnings to fixed charges ratio is calculated by dividing earnings available for fixed charges for each period by fixed charges for that period. Earnings available for fixed charges is calculated by adding pre-tax income from continuing operations and fixed charges. Fixed charges reflect the sum of interest expense, the amount amortized for debt financing costs, and an estimate of the amount of interest within the Company’s rental expense. All interest expense for the Company is classified within continuing operations.