EX-12 3 a2208076zex-12.htm EX-12
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Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)

 
  Year Ended December 31,  
 
  2011   2010   2009   2008   2007  

Earnings:

                               

Income before provision for income taxes

  $ 82   $ 31,803   $ 23,270   $ 82,977   $ 150,739  

Less/add: Equity in net earnings (loss) of unconsolidated businesses

    10,466     3,974     1,574     (209 )   (698 )

Add: Fixed charges

    30,843     15,662     14,911     21,112     10,842  

Add: Distributed income of unconsolidated businesses

    11,590     4,427     2,826     905      
                       

Total earnings before income taxes and fixed charges

  $ 32,049   $ 47,918   $ 39,433   $ 105,203   $ 162,279  
                       

Fixed charges:

                               

Interest on borrowings

  $ 25,759   $ 11,063   $ 10,540   $ 14,334   $ 7,076  

Interest component of rent expense(1)

    5,084     4,599     4,371     6,778     3,766  
                       

Total fixed charges

  $ 30,843   $ 15,662   $ 14,911   $ 21,112   $ 10,842  
                       

Ratio of earnings to fixed charges

    1.0x     3.1x     2.6x     5.0x     15.0x  
                       

(1)
Amount represents those portions of rent expense that are reasonable approximations of interest costs.



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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (In thousands, except ratios)