EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands, except ratio amounts)
(Dollars in thousands, except ratio amounts)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Income from continuing operations before income taxes | $ | 133,527 | $ | 89,717 | $ | 269,232 | $ | 157,703 | ||||||||
Share of undistributed losses from 50%-or-less-owned affiliates, excluding affiliates with guaranteed debt | — | — | — | — | ||||||||||||
Amortization of capitalized interest | 459 | 266 | 891 | 578 | ||||||||||||
Interest expense | 11,643 | 10,080 | 22,641 | 19,724 | ||||||||||||
Interest portion of rental expense | 1,770 | 1,536 | 3,652 | 3,071 | ||||||||||||
Earnings | $ | 147,399 | $ | 101,599 | $ | 296,416 | $ | 181,076 | ||||||||
Interest | $ | 12,538 | $ | 10,823 | $ | 24,431 | $ | 22,433 | ||||||||
Interest portion of rental expense | 1,770 | 1,536 | 3,652 | 3,071 | ||||||||||||
Interest expense relating to guaranteed debt of 50%-or-less-owned affiliates | — | — | — | — | ||||||||||||
Fixed Charges | $ | 14,308 | $ | 12,359 | $ | 28,083 | $ | 25,504 | ||||||||
Ratio of Earnings to Fixed Charges | 10.30 | 8.22 | 10.55 | 7.10 | ||||||||||||