EX-12 18 g17776exv12.htm EX-12 EX-12
Exhibit 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
                                         
    Year Ended December 31,  
    2004     2005     2006     2007     2008  
Earnings
                                       
Income from continuing operations before provision for income taxes and extraordinary item
  $ 259,749     $ 308,174     $ 287,847     $ 99,542     $ 336,137  
Minority interest in the income of subsidiaries with fixed charges (1)
                      15,155       40,101  
Income from equity investees (2)
                      (25,132 )     (42,064 )
Distributed income from equity investees
                      19,902       32,897  
Interest and amortization of deferred finance costs
    69,736       87,185       94,411       361,773       651,925  
Amortization of capitalized interest
    433       494       567       881       1,469  
Implicit rental interest expense
    18,041       20,564       22,986       38,424       57,382  
 
                             
 
                                       
Total Earnings
  $ 347,959     $ 416,417     $ 405,811     $ 510,545     $ 1,077,847  
 
                                       
Fixed Charges
                                       
Interest and amortization of deferred finance costs
  $ 69,736     $ 87,185     $ 94,411     $ 361,773     $ 651,925  
Capitalized interest
    2,131       2,144       2,955       19,009       22,147  
Implicit rental interest expense
    18,041       20,564       22,986       38,424       57,382  
 
                             
 
                                       
Total fixed charges
  $ 89,908     $ 109,893     $ 120,352     $ 419,206     $ 731,454  
 
                                       
Ratio of earnings to fixed charges
    3.87 x     3.79 x     3.37 x     1.22 x     1.47 x
 
(1)   The Company recognized an immaterial amount of minority interest in income from consolidated subsidiaries prior to 2007.
 
(2)   The Company recognized an immaterial amount of income from equity investees prior to 2007.