EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Earnings from continuing operations before income taxes | $ | 258,524 | $ | 185,340 | $ | 140,390 | $ | 418,199 | $ | 249,997 | ||||||||||
Add: | ||||||||||||||||||||
Interest on indebtedness | 33,873 | 36,545 | 35,347 | 47,011 | 33,311 | |||||||||||||||
Amortization of debt expense | 1,033 | 1,037 | 973 | 1,070 | 796 | |||||||||||||||
Portion of rents representative of the interest factor | 10,106 | 9,472 | 10,109 | 10,636 | 8,383 | |||||||||||||||
Deduct: | ||||||||||||||||||||
Undistributed earnings from less-than-50-percent-owned entities | (355 | ) | (352 | ) | (132 | ) | (66 | ) | 427 | |||||||||||
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Earnings (as defined) | $ | 303,181 | $ | 232,042 | $ | 186,687 | $ | 476,850 | $ | 292,914 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest on indebtedness | $ | 33,873 | $ | 36,545 | $ | 35,347 | $ | 47,011 | $ | 33,311 | ||||||||||
Amortization of debt expense | 1,033 | 1,037 | 973 | 1,070 | 796 | |||||||||||||||
Portion of rents representative of the interest factor | 10,106 | 9,472 | 10,109 | 10,636 | 8,383 | |||||||||||||||
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Total fixed charges | $ | 45,012 | $ | 47,054 | $ | 46,429 | $ | 58,717 | $ | 42,490 | ||||||||||
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Ratio of earnings to fixed charges | 6.7 | x | 4.9 | x | 4.0 | x | 8.1 | x | 6.9 | x | ||||||||||
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