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Content analysis
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8th grade Avg
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EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
|
| Year ended December 31, |
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|
| 2003 |
| 2004 |
| 2005 |
| 2006 |
| 2007 |
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| (In thousands, except ratios) |
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Earnings: |
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|
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Pretax income from continuing operations before adjustment for minority interests in consolidated subsidiaries |
| $ | 31,435 |
| $ | 47,325 |
| $ | 38,946 |
| $ | 38,410 |
| $ | 47,491 |
|
Fixed charges (see below) |
| 6,957 |
| 11,197 |
| 14,774 |
| 13,958 |
| 15,813 |
| |||||
|
| $ | 38,392 |
| $ | 58,522 |
| $ | 53,720 |
| $ | 52,368 |
| $ | 63,304 |
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Fixed charges: |
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Interest expensed and capitalized |
| $ | 2,077 |
| $ | 7,028 |
| $ | 8,888 |
| $ | 8,002 |
| $ | 8,050 |
|
Amortized premiums, discounts and capitalized expenses relating to indebtedness |
| 349 |
| 188 |
| 164 |
| 173 |
| 161 |
| |||||
Estimate of the interest within rental expense (1) |
| 4,531 |
| 3,981 |
| 5,722 |
| 5,783 |
| 7,602 |
| |||||
|
| $ | 6,957 |
| $ | 11,197 |
| $ | 14,774 |
| $ | 13,958 |
| $ | 15,813 |
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Ratio of earnings to fixed charges |
| 5.52 |
| 5.23 |
| 3.64 |
| 3.75 |
| 4.00 |
|
(1) Represents the portion of operating rental expense that management believes is representative of the interest component of rental expense excluding restructuring charges associated with branch and administrative office closings.