EX-12.1 3 dex121.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES Calculation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

 Year Ended December 31, Nine Months EndedSeptember 30, 2005 2006 2007 2008 2009 2009 2010 (dollars in thousands) Earnings available for fixed charges: Income before income taxes \$ 326,102 \$ 90,523 \$ 223,501 \$ 279,424 \$ 263,679 \$ 204,995 \$ 297,234 Fixed charges 114,965 202,074 290,209 309,033 401,319 297,640 295,206 Amortization of capitalized interest 408 843 2,388 6,041 9,920 7,237 8,604 Capitalized interest (3,564 ) (17,503 ) (34,867 ) (64,160 ) (37,495 ) (30,549 ) (17,822 ) Total earnings available for fixed charges: \$ 437,911 \$ 275,937 \$ 481,231 \$ 530,338 \$ 637,423 \$ 479,323 \$ 583,222 Fixed charges: Interest expense (1) \$ 58,033 \$ 115,985 \$ 201,746 \$ 179,398 \$ 270,285 \$ 199,358 \$ 198,710 Portion of rent expense representative of interest (2) 17,202 28,199 41,392 65,475 93,539 67,733 78,674 Capitalized interest 3,564 17,503 34,867 64,160 37,495 30,549 17,822 Net preferred stock dividends (3) 36,166 40,387 12,204 — — — — Total fixed charges: \$ 114,965 \$ 202,074 \$ 290,209 \$ 309,033 \$ 401,319 \$ 297,640 \$ 295,206 Ratio of earnings to fixed charges: 3.81x 1.37x 1.66x 1.72x 1.59x 1.61x 1.98x

 (1) Interest expense includes amortization of deferred debt issuance costs and premiums and discounts related to indebtedness.
 (2) The portion of operating rent al expense that management believes is representative of interest is estimated to be 33%.
 (3) Net preferred stock dividends are the company’s preferred dividend expense net of income tax benefit.