EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
1998 | 1999 | 2000 | 2001 | 2002 | Nine months ended 9/30/2002 | Nine months ended 9/30/2003 | ||||||||
EARNINGS | ||||||||||||||
Pretax income from continuing operations before adjustment for minority interests in consolidated subsidiaries | 174,156 | 122,813 | 34,186 | 29,221 | 13,636 | 24,971 | 37,864 | |||||||
Fixed charges (see below) | 1,049 | 1,199 | 1,668 | 1,221 | 1,288 | 951 | 3,444 | |||||||
Amortization of capitalized interest | — | — | — | — | — | — | — | |||||||
Distributed income of equity investees | — | — | — | — | — | — | — | |||||||
Share of pre-tax losses of equity investees | — | — | — | — | — | — | — | |||||||
Less: | ||||||||||||||
Interest capitalized | — | — | — | — | — | — | — | |||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | — | — | |||||||
Minority interest in pre-tax income of subsidiaries not incurred in fixed charges | — | — | — | — | — | — | — | |||||||
175,205 | 124,012 | 35,854 | 30,442 | 14,924 | 25,922 | 41,308 | ||||||||
Fixed Charges | ||||||||||||||
Interest expensed and capitalized | 163 | — | 588 | 295 | 255 | 176 | 2,553 | |||||||
Amortized premiums, discounts, and capitalized expenses related to indebtedness | — | — | — | — | — | — | 246 | |||||||
Estimate of the interest within rental expense(1) | 886 | 1,199 | 1,080 | 926 | 1,033 | 775 | 645 | |||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | — | — | |||||||
1,049 | 1,199 | 1,668 | 1,221 | 1,288 | 951 | 3,444 | ||||||||
Ratio of Earnings to Fixed Charges with rent interest | 167 | 103 | 21 | 25 | 12 | 27 | 12 |
(1) | Represents the portion of operating rental expense that management believes is representative of the interest component of rental expense excluding restructuring charges associated with branch and administrative office closings. |