EX-12.1 3 form10k2012ex121.htm FORM 10-K, EXHIBIT 12.1 form10k2012ex121.htm
Exhibit 12.1
 

Computation of Ratios of Earnings to Fixed Charges
 
The following table sets forth certain information regarding our consolidated ratio of earnings to fixed charges for the five-year period ended December 31, 2012.
 
   
Year Ending December 31,
  
   
2012
    
2011
    
2010
    
2009
    
2008
  
(In thousands, except ratio data)
                              
Income before taxes and noncontrolling interests
   $ 117,316     $ 110,442     $ 109,341     $ 87,903     $ 36,413  
Fixed charges
     15,940       15,038       12,047       13,356       9,506  
Adjusted earnings
     133,256       125,480       121,388       101,259       45,919  
                                         
Interest expense
     15,899       14,997       11,984       13,290       9,441  
Interest portion of operating leases
     41       41       63       66       65  
Fixed charges
   $ 15,940     $ 15,038     $ 12,047     $ 13,356     $ 9,506  
                                         
Ratio of earnings to fixed charges (a)
     8.4       8.3       10.1       7.6       4.8  
                                         
 
(a) 
These ratios were calculated by dividing the sum of fixed charges into the sum of earnings before taxes and noncontrolling interest and fixed charges.  Fixed charges for these purposes consist of all interest expense and the approximate portion of rental expense representing interest.