Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
Year Ended December 31, | ||||||||||||||||||||
2004 | 2005 | 2006 | 2007 | 2008 | ||||||||||||||||
(In thousands, except ratios) | ||||||||||||||||||||
Earnings | ||||||||||||||||||||
Earnings before income taxes | $ | 1,725,891 | $ | 2,027,083 | $ | 2,692,435 | $ | 2,253,315 | $ | 2,790,470 | ||||||||||
Plus: minority interests | 80,840 | 110,650 | 219,121 | 293,501 | 313,921 | |||||||||||||||
Plus/(Less): losses/(earnings) from equity investments | (4,070 | ) | (476 | ) | 17,690 | 24,618 | 36,920 | |||||||||||||
Plus: fixed charges (includes interest expense and amortization of bond issuance costs and settled swaps and estimated interest on rent expense) | 30,645 | 36,571 | 40,351 | 55,381 | 146,360 | |||||||||||||||
Plus: amortization of capitalized interest | 108 | 216 | 216 | 216 | 300 | |||||||||||||||
Plus: distributed income of equity investees | — | — | 3,172 | 8,072 | 20,117 | |||||||||||||||
Less: interest capitalized | (1,310 | ) | — | — | (3,700 | ) | (10,020 | ) | ||||||||||||
Less: minority interests in subsidiaries that have not incurred fixed charges | (80,840 | ) | (110,650 | ) | (219,121 | ) | (293,604 | ) | (314,277 | ) | ||||||||||
$ | 1,751,264 | $ | 2,063,394 | $ | 2,753,864 | $ | 2,337,799 | $ | 2,983,791 | |||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense and amortization of bond issuance and settled swaps | 30,645 | 36,571 | 40,351 | 55,052 | 144,845 | |||||||||||||||
Estimated interest on rent expense | — | — | — | 329 | 1,515 | |||||||||||||||
Total Fixed Charges | 30,645 | 36,571 | 40,351 | 55,381 | 146,360 | |||||||||||||||
Ratio of earnings to fixed charges | 57.15 | 56.42 | 68.25 | 42.21 | 20.39 |