EX-12.1 2 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

(unaudited)

(dollars in thousands)

 

         Three Months Ended
March 31,		     Year Ended December 31,  
         2008    2007     2007     2006     2005     2004     2003  

Pre-tax income1

    $ 371,802    $ 305,294     $ 1,459,104     $ 512,065     $ 372,466     $ 195,405     $ 250,649  

Add:

  

Fixed charges

      25,635      17,894       76,872       22,393       15,236       5,590       5,211  
 

Distributions from equity method investees

      9,929      —         23,460       1,939       2,620       2,276       3,144  

Less:

  

Loss (Earnings) from equity method investees

      9,909      (2,406 )     (83,894 )     (5,659 )     (11,526 )     (2,549 )     (4,912 )
                                                         

Pre-tax income before fixed charges

    $ 417,275    $ 320,782     $ 1,475,542     $ 530,738     $ 378,796     $ 200,722     $ 254,092  
                                                         

Fixed charges:

                

Interest expense

    $ 17,378    $ 10,986     $ 49,412     $ 9,916     $ 7,924     $ 835     $ 720  

Interest expense on uncertain tax positions2

      1,213      —         1,727       —         —         —         —    

Portion of rent representative of interest

      7,044      6,908       25,733       12,477       7,312       4,755       4,491  
                                                         

Total fixed charges

    $ 25,635    $ 17,894     $ 76,872     $ 22,393     $ 15,236     $ 5,590     $ 5,211  
                                                         

Ratio of earnings to fixed charges

      16.3x      17.9x       19.2x       23.7x       24.9x       35.9x       48.8x  
                                                         

 

1

Pre-tax income includes operating income and non-operating income, net of non-controlling interest.

2

Interest expense on uncertain tax positions, in accordance with FIN No. 48, has been recorded within income tax expense on the condensed consolidated statements of income.