EXHIBIT 12
STATEMENT OF COMPUTATION OF
EARNINGS TO FIXED CHARGES
(in thousands, except ratio data)
For the Years Ended December 31,
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1995 1994 1993 1992 1991
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Earnings Available to Fixed Charges:
Income before income taxes $370,785 $329,292 $275,556 $277,564 $224,048
Fixed charges
Interest Expense 49,812 29,970 19,062 20,417 13,151
Portion of rent determined to be interest (1) 12,634 10,494 8,580 6,237 5,643
Eliminate Equity in Earnings (5,993) (5,700) (3,800) (3,400) (1,200)
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Total Earnings Available for Fixed Charges $427,238 $364,056 $299,398 $300,818 $241,642
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Fixed Charges
Interest Expense $ 49,812 $ 29,970 $ 19,062 $ 20,417 $ 13,151
Portion of rent determined to be interest (1) 12,634 10,494 8,580 6,237 5,643
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Total Fixed Charges $ 62,446 $ 40,464 $ 27,642 $ 26,654 $ 18,794
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Ratio of Earnings to Fixed Charges 6.84 9.00 10.83 11.29 12.86
(1) 33% of gross rent expense was deemed to approximate the interest poriton of short- long-term leases.