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):
|
| | | | | | | | | | | | | | | | | | | |
| Nine months ended September 30, | | Year Ended December 31, |
| 2012 | | 2011 | | 2010 | | 2009 | | 2008 |
Fixed Charges: | | | | | | | | | |
Interest expense (1) | $ | 11,874 |
| | $ | 15,304 |
| | $ | 12,233 |
| | $ | 1,141 |
| | $ | 3,978 |
|
Amortized premiums, discounts and capitalized expenses related to indebtedness (2) | 1,004 |
| | 1,291 |
| | 937 |
| | 300 |
| | 280 |
|
Estimate of the interest within rental expense (3) | 12,770 |
| | 18,396 |
| | 15,957 |
| | 17,128 |
| | 17,791 |
|
Total Fixed Charges | $ | 25,648 |
| | $ | 34,991 |
| | $ | 29,127 |
| | $ | 18,569 |
| | $ | 22,049 |
|
Earnings: | | | | | | | | | |
Pre-tax income from continuing operations before income or loss from equity investees (4) | $ | 121,246 |
| | $ | 215,502 |
| | $ | 202,451 |
| | $ | 178,508 |
| | $ | 149,959 |
|
Fixed Charges | 25,648 |
| | 34,991 |
| | 29,127 |
| | 18,569 |
| | 22,049 |
|
Distributed income of equity investees (4) | — |
| | — |
| | — |
| | — |
| | — |
|
Total Earnings | $ | 146,894 |
| | $ | 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. |