EX-12.1 5 d294742dex121.htm COMPUTATION OF RATIOS TO FIXED CHARGES Computation of Ratios to Fixed Charges

EXHIBIT 12.1

Ratios of Earnings to Fixed Charges

We present below our ratios of earnings to fixed charges. Earnings available to cover fixed charges consist of income before income taxes, equity share in income of unconsolidated affiliates and extraordinary gain plus fixed charges. Fixed charges consist of interest expense and the portion of rental expense we believe to be a reasonable approximation of the interest factor. No shares of our preferred stock were outstanding during the years ended December 31, 2011, 2010, 2009, 2008, and 2007, and we did not pay preferred stock dividends during these periods. Consequently, the ratios of earnings to fixed charges and preferred dividends are the same as the ratios of earnings to fixed charges for the same periods listed above.

 

     Year Ended December 31,  
     2011      2010      2009     2008     2007  

Earnings:

            

Consolidated net income

   $ 5,262       $ 40,284       $ 49,841      $ 24,256      $ 7,725   

add:

            

Extraordinary gain/Cumulative effect of a change in accounting principle

     —           —           —          (243     —     

Income tax expense

     7,058         19,556         34,023        20,161        9,159   

Equity share in income of unconsolidated subsidiary

     —           —           (852     (454     (416

Dividends from unconsolidated subsidiary

     —           —           —          228        —     

Fixed charges

     3,815         3,576         4,540        2,778        2,655   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total Earnings

   $ 16,135       $ 63,416       $ 87,552      $ 46,726      $ 19,123   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Fixed Charges:

            

Interest expense

   $ 1,047       $ 903       $ 2,329      $ 1,359      $ 1,434   

Interest component of rental expense

     2,768         2,673         2,211        1,419        1,221   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total Fixed Charges

   $ 3,815       $ 3,576       $ 4,540      $ 2,778      $ 2,655   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Ratio of Total Earnings to Total Fixed Charges

     4.2         17.7         19.3        16.8        7.2