Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months | ||||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, | Years Ended December 31, | |||||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Earnings from continuing operations before income taxes | $ | 69,614 | $ | 431,084 | $ | 263,891 | $ | 233,442 | $ | 175,860 | $ | 127,830 | ||||||||||||
Add: | ||||||||||||||||||||||||
Interest on indebtedness | 17,567 | 47,011 | 33,311 | 29,227 | 36,234 | 34,227 | ||||||||||||||||||
Amortization of debt expense | 469 | 1,070 | 796 | 704 | 939 | 1,098 | ||||||||||||||||||
Portion of rents representative of the interest factor | 5,189 | 10,823 | 8,578 | 7,735 | 7,392 | 7,089 | ||||||||||||||||||
Deduct: | ||||||||||||||||||||||||
Undistributed earnings from less-than-50-percent-owned entities | (5 | ) | (66 | ) | 427 | (61 | ) | (631 | ) | (1,055 | ) | |||||||||||||
Earnings (as defined) | $ | 92,834 | $ | 489,922 | $ | 307,003 | $ | 271,047 | $ | 219,794 | $ | 169,189 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest on indebtedness | $ | 17,567 | $ | 47,011 | $ | 33,311 | $ | 29,227 | $ | 36,234 | $ | 34,227 | ||||||||||||
Amortization of debt expense | 469 | 1,070 | 796 | 704 | 939 | 1,098 | ||||||||||||||||||
Portion of rents representative of the interest factor | 5,189 | 10,823 | 8,578 | 7,735 | 7,392 | 7,089 | ||||||||||||||||||
Total fixed charges | $ | 23,225 | $ | 58,904 | $ | 42,685 | $ | 37,666 | $ | 44,565 | $ | 42,414 | ||||||||||||
Ratio of earnings to fixed charges | 4.0 | x | 8.3 | x | 7.2 | x | 7.2 | x | 4.9 | x | 4.0x | |||||||||||||