EX-12 8 exhibit12_12312006.htm EXHIBIT 12 Exhibit 12

 

 

 

 

 

 

 

Exhibit 12

Computation of Ratio of Earnings to Fixed Charges

 

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31,

 

 

 

2006

2005

2004

2003

2002

 

 

 

 

 

 

 

 

Earnings before income taxes

$ 896,348

$ 799,425

$ 526,991

$ 393,064

$ 225,741

Fixed charges

 

      62,546

      68,472

      20,649

      20,865

      18,501

Earnings before income taxes and fixed charges

$ 958,894

$ 867,897

$ 547,640

$ 413,929

$ 244,242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

Interest expense

 

$ 52,446

$ 58,414

$ 14,301

$ 15,051

$ 13,446

Portion of rental expense representative of interest factor

    10,100

    10,058

      6,348

     5,814

      5,055

Total fixed charges

 

$ 62,546

$ 68,472

$ 20,649

$ 20,865

$ 18,501

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

15.3

12.7

26.5

19.8

13.2