Exhibit 12.1
Ratio of Earnings to Fixed Charges and Preferred Share Dividends
(in thousands of U.S. dollars except ratios)
| Nine Months Ended September 30 | Fiscal Year Ended December 31 | |||||||||||||||||||||||
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
Earnings per Financial Statements | $ | 834,732 | $ | 3,107,938 | $ | 2,548,929 | $ | 1,197,065 | $ | 2,578,098 | $ | 2,305,169 | ||||||||||||
Add: | ||||||||||||||||||||||||
Provision for income taxes | 383,868 | 559,177 | 527,627 | 370,052 | 575,475 | 523,267 | ||||||||||||||||||
Fixed charges | 207,362 | 251,287 | 252,782 | 255,704 | 198,722 | 199,811 | ||||||||||||||||||
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Earnings for Computation | $ | 1,425,962 | $ | 3,918,402 | $ | 3,329,338 | $ | 1,822,821 | $ | 3,352,295 | $ | 3,028,247 | ||||||||||||
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Fixed Charges | ||||||||||||||||||||||||
Interest Expense(1) | $ | 186,659 | $ | 223,682 | $ | 224,858 | $ | 230,030 | $ | 174,870 | $ | 175,698 | ||||||||||||
One third of payments under operating leases | 20,703 | 27,605 | 27,924 | 25,674 | 23,852 | 24,113 | ||||||||||||||||||
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Total Fixed Charges | $ | 207,362 | $ | 251,287 | $ | 252,782 | $ | 255,704 | $ | 198,722 | $ | 199,811 | ||||||||||||
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Ratio of Earnings to Fixed Charges | 6.9 | 15.6 | 13.2 | 7.1 | 16.9 | 15.2 | ||||||||||||||||||
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Preferred Share Dividends | $ | — | $ | — | $ | — | $ | 23,921 | $ | 44,851 | $ | 44,851 | ||||||||||||
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Total Fixed Charges and Preferred Share Dividends | $ | 207,362 | $ | 251,287 | $ | 252,782 | $ | 279,625 | $ | 243,573 | $ | 244,662 | ||||||||||||
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Ratio of Earnings to Fixed Charges and Preferred Share Dividends | 6.9 | 15.6 | 13.2 | 6.5 | 13.8 | 12.4 | ||||||||||||||||||
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| (1) | The Company recognizes accruals for interest and penalties, if any, related to unrecognized tax benefits in income tax expense (i.e. excluded from interest expense). |
