EX-12.1 17 ex12_1.htm EXHIBIT 12.1 ex12.htm

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES
 
The following table sets forth our ratios of earnings to fixed charges for the periods indicated. Earnings consist of income from continuing operations before provisions for income taxes plus fixed charges. Fixed charges include interest expense, amortization of debt issuance costs and the portion of rental expense we believe is representative of the interest component of rent expense.
 
   
Year Ended December 31,
 
   
2010
   
2009
   
2008
   
2007
   
2006
 
   
(In thousands, except per share amounts)
 
   
 
   
 
   
 
   
 
   
 
 
Income from continuing operations
  $ 310,890     $ 262,946     $ 380,151     $ 351,844     $ 332,658  
Plus
                                       
Fixed charges
    338,609       164,413       114,186       96,826       61,578  
Total
  $ 649,499     $ 427,359     $ 494,337     $ 448,670     $ 394,236  
Earnings to fixed charges ratio
    1.9       2.6       4.3       4.6       6.4  
                                         
Fixed charges:
                                       
Interest expense, including the amortization of debt issuance costs
  $ 320,469     $ 146,589     $ 96,041     $ 79,821     $ 46,990  
Estimate of interest component of rent expense (1)
    18,140       17,824       18,145       17,005       14,588  
Total fixed charges
  $ 338,609     $ 164,413     $ 114,186     $ 96,826     $ 61,578  
________________
(1)
Estimated at 1/3 of total rent expense