Exhibit 12.1
Ratio of Earnings to Fixed Charges
The following table provides our consolidated ratios of earnings to fixed charges (in thousands except ratios):
Six months ended June 30, | Year Ended December 31, | ||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Fixed Charges: | |||||||||||||||||||
Interest expense (1) | $ | 7,898 | $ | 15,304 | $ | 12,233 | $ | 1,141 | $ | 3,978 | |||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness (2) | 668 | 1,291 | 937 | 300 | 280 | ||||||||||||||
Estimate of the interest within rental expense (3) | 9,162 | 18,396 | 15,957 | 17,128 | 17,791 | ||||||||||||||
Total Fixed Charges | $ | 17,728 | $ | 34,991 | $ | 29,127 | $ | 18,569 | $ | 22,049 | |||||||||
Earnings: | |||||||||||||||||||
Pre-tax income from continuing operations before income or loss from equity investees (4) | $ | 82,469 | $ | 215,502 | $ | 202,451 | $ | 178,508 | $ | 149,959 | |||||||||
Fixed Charges | 17,728 | 34,991 | 29,127 | 18,569 | 22,049 | ||||||||||||||
Distributed income of equity investees (4) | — | — | — | — | — | ||||||||||||||
Total Earnings | $ | 100,197 | $ | 250,493 | $ | 231,578 | $ | 197,077 | $ | 172,008 | |||||||||
Ratio of Earnings to Fixed Charges | 5.7 | 7.2 | 8.0 | 10.6 | 7.8 | ||||||||||||||
(1) Interest expense consists of interest on indebtedness. | |||||||||||||||||||
(2) Represents the amortization of financing costs incurred in connection with the Company's credit agreement and our 7.25% senior unsecured notes. | |||||||||||||||||||
(3) The proportion of rental expense deemed to be representative of the interest factor is one third. | |||||||||||||||||||
(4) Equity investees are investments accounted for using the equity method of accounting. |