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, | |||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||
Fixed Charges: | ||||||||||||
Interest expense (1) | 4,497 | 1,141 | 3,978 | 5,103 | 2,375 | 3,165 | ||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness (2) | 399 | 300 | 280 | 393 | 83 | 83 | ||||||
Estimate of the interest within rental expense (3) | 7,713 | 17,128 | 17,791 | 10,921 | 9,199 | 7,998 | ||||||
Total Fixed Charges | 12,609 | 18,569 | 22,049 | 16,417 | 11,657 | 11,246 | ||||||
Earnings: | ||||||||||||
Pre-tax income from continuing operations before income or loss from equity investees (4) | 97,019 | 178,508 | 149,959 | 110,125 | 90,421 | 85,279 | ||||||
Fixed charges | 12,609 | 18,569 | 22,049 | 16,417 | 11,657 | 11,246 | ||||||
Distributed income of equity investees (4) | — | — | — | — | — | 2,962 | ||||||
Total Earnings | 109,628 | 197,077 | 172,008 | 126,542 | 102,078 | 99,487 | ||||||
Ratio of Earnings to Fixed Charges | 8.7 | 10.6 | 7.8 | 7.7 | 8.8 | 8.8 | ||||||
| (1) | Interest expense consists of interest on indebtedness. |
| (2) | Represents the amortization of financing costs incurred in connection with the Company’s credit agreements. |
| (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. |
