EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)
| Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | Year Ended December 31, | ||||||||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income before taxes | $ | 125,467 | $ | 109,004 | $ | 231,389 | $ | 225,579 | $ | 15,395 | $ | 45,174 | $ | 283,019 | ||||||||||||||
Fixed charges | 11,599 | 23,127 | 46,344 | 51,378 | 51,121 | 45,761 | 33,469 | |||||||||||||||||||||
Distributed income of equity investees | 100 | 100 | 320 | 3,140 | 1,664 | 5,333 | 7,568 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total earnings | $ | 137,166 | $ | 132,231 | $ | 278,053 | $ | 280,097 | $ | 68,180 | $ | 96,268 | $ | 324,056 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Fixed Charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 10,184 | $ | 20,292 | $ | 41,498 | $ | 46,819 | $ | 45,708 | $ | 39,985 | $ | 28,622 | ||||||||||||||
Estimate of interest within rent expense (1/3 of total rent expense) | 1,415 | 2,835 | 4,846 | 4,559 | 5,413 | 5,776 | 4,847 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total fixed charges | $ | 11,599 | $ | 23,127 | $ | 46,344 | $ | 51,378 | $ | 51,121 | $ | 45,761 | $ | 33,469 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Ratio of earnings to fixed charges | 11.8 | 5.7 | 6.0 | 5.5 | 1.3 | 2.1 | 9.7 | |||||||||||||||||||||
| (1) | For the purposes of calculating the ratio of earnings to fixed charges, earnings is the amount resulting from adding (1) income before taxes, (2) fixed charges, and (3) distributed income from equity investees. Fixed charges is the sum of (1) cash interest expense, (2) amortization of debt discounts, (3) amortization of debt issuance costs and credit facility fees, and (4) an estimate of one-third of rental expense to be the amount representing interest. |
