EX-12 5 g22179exv12.htm EX-12 exv12
Exhibit 12
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
                                         
    Year Ended December 31,  
    2005     2006     2007     2008     2009  
Earnings
                                       
Income from continuing operations before provision for income taxes and extraordinary item
  $ 308,174     $ 287,847     $ 107,291     $ 359,000     $ 446,130  
Income from equity investees (1)
                (25,132 )     (42,063 )     (36,521 )
Distributed income from equity investees
                19,902       32,897       33,705  
Interest and amortization of deferred finance costs
    87,185       94,411       362,065       652,468       648,964  
Amortization of capitalized interest
    494       567       881       1,469       2,024  
Implicit rental interest expense
    20,564       22,986       38,424       57,792       61,783  
 
                             
 
                                       
Total Earnings
  $ 416,417     $ 405,811     $ 503,431     $ 1,061,563     $ 1,156,085  
 
                                       
Fixed Charges
                                       
Interest and amortization of deferred finance costs
  $ 87,185     $ 94,411     $ 362,065     $ 652,468     $ 648,964  
Capitalized interest
    2,144       2,955       19,009       22,147       16,695  
Implicit rental interest expense
    20,564       22,986       38,424       57,792       61,783  
 
                             
 
                                       
Total fixed charges
  $ 109,893     $ 120,352     $ 419,498     $ 732,407     $ 727,442  
 
                                       
Ratio of earnings to fixed charges
    3.79 x     3.37 x     1.20 x     1.45 x     1.59 x
 
(1)   The Company recognized an immaterial amount of income from equity investees prior to 2007.