EX-12.1 3 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)

 

     Six Months Ended
June 30,		     Year Ended December 31,  
     2008     2007     2007     2006     2005     2004     2003  

Income before income taxes and non-controlling interests

    $ 778,889     $ 925,681     $ 1,822,719     $ 528,233     $ 375,755     $ 200,438     $ 250,902  

Less: Non-controlling interests

      (14,540 )     273,131       363,615       16,168       3,289       5,033       253  
                                                        

Pre-tax income net of non-controlling interests

      793,429       652,550       1,459,104       512,065       372,466       195,405       250,649  

Add: Fixed charges

      51,832       33,312       76,872       22,393       15,236       5,590       5,211  

Distributions of earnings from equity method investees

      13,946       5,118       23,460       1,939       2,620       2,276       3,144  

Less: Loss (Earnings) from equity method investees

      (10,410 )     (22,475 )     (83,894 )     (5,659 )     (11,526 )     (2,549 )     (4,912 )
                                                        

Pre-tax income before fixed charges

    $ 848,797     $ 668,505     $ 1,475,542     $ 530,738     $ 378,796     $ 200,722     $ 254,092  
                                                        

Fixed charges:

               

Interest expense

    $ 34,098     $ 21,209     $ 49,412     $ 9,916     $ 7,924     $ 835     $ 720  

Interest expense on uncertain tax positions1

      3,650       —         1,727       —         —         —         —    

Portion of rent representative of interest

      14,084       12,104       25,733       12,477       7,312       4,755       4,491  
                                                        

Total fixed charges

    $ 51,832     $ 33,313     $ 76,872     $ 22,393     $ 15,236     $ 5,590     $ 5,211  
                                                        

Ratio of earnings to fixed charges

      16.4x       20.1x       19.2x       23.7x       24.9x       35.9x       48.8x  
                                                        

 

1

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.