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, | |||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense (1) | $ | 11,448 | $ | 12,233 | $ | 1,141 | $ | 3,978 | $ | 5,103 | ||||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness (2) | 958 | 937 | 300 | 280 | 393 | |||||||||||||||
Estimate of the interest within rental expense (3) | 13,264 | 15,957 | 17,128 | 17,791 | 10,921 | |||||||||||||||
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Total Fixed Charges | $ | 25,670 | $ | 29,127 | $ | 18,569 | $ | 22,049 | $ | 16,417 | ||||||||||
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Earnings: | ||||||||||||||||||||
Pre-tax income from continuing operations before income or loss from equity investees (4) | $ | 165,851 | $ | 202,451 | $ | 178,508 | $ | 149,959 | $ | 110,125 | ||||||||||
Fixed Charges | 25,670 | 29,127 | 18,569 | 22,049 | 16,417 | |||||||||||||||
Distributed income of equity investees (4) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
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Total Earnings | $ | 191,521 | $ | 231,578 | $ | 197,077 | $ | 172,008 | $ | 126,542 | ||||||||||
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Ratio of Earnings to Fixed Charges | 7.5 | 8.0 | 10.6 | 7.8 | 7.7 | |||||||||||||||
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| (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. |
