EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
December 31, 2010 | December 31, 2009 | December 31, 2008 | December 31, 2007 | December 31, 2006 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Earnings before income taxes | $ | 7,383 | $ | 6,359 | $ | 5,263 | $ | 7,849 | $ | 6,984 | ||||||||||
Add back: | ||||||||||||||||||||
Fixed charges | 570 | 642 | 718 | 629 | 533 | |||||||||||||||
Total earnings available for fixed charges | $ | 7,953 | $ | 7,001 | $ | 5,981 | $ | 8,478 | $ | 7,517 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest, capitalized and expensed | $ | 481 | $ | 551 | $ | 639 | $ | 562 | $ | 470 | ||||||||||
Interest component of rental payments | 89 | 91 | 79 | 67 | 63 | |||||||||||||||
Total fixed charges | $ | 570 | $ | 642 | $ | 718 | $ | 629 | $ | 533 | ||||||||||
Ratio of earnings to fixed charges | 14.0 | 10.9 | 8.3 | 13.5 | 14.1 | |||||||||||||||
The ratio of earnings to fixed charges is computed by dividing total earnings available for fixed charges by the fixed charges. For purposes of computing this ratio, fixed charges consist of interest expense plus the interest factor in rental expense.