EX-12 3 e89011exv12.htm EX-12 exv12
EXHIBIT 12
Statement Regarding Computation of
Ratio of Earnings to Fixed Charges
                                                                 
    For the Year Ended December 31,
(dollar amounts in                                
thousands)   2010   2009   2008   2007 (a)   2006 (a)   2005 (a)   2004 (a)   2003 (a)
 
                                                               
Earnings from continuing operations before provision for income taxes
    925,084       491,618       946,019       912,367       814,854       589,102       470,646       326,330  
     
 
                                                               
Add Fixed Charges:
                                                               
 
                                                               
Interest expense
    115,491       116,234       130,150       112,292       92,935       81,683       67,582       67,878  
 
                                                               
Rent expense (interest portion)
    25,183       25,078       25,678       23,623       18,026       17,520       11,375       11,217  
     
 
                                                               
Total fixed charges
    140,674       141,312       155,828       135,915       110,961       99,203       78,957       79,095  
     
 
                                                               
Earnings as adjusted
  $ 1,065,758     $ 632,930     $ 1,101,847     $ 1,048,282     $ 925,815     $ 688,305     $ 549,603     $ 405,425  
     
 
                                                               
Ratio of earnings to fixed charges
    7.58       4.48       7.07       7.71       8.34       6.94       6.96       5.13  
     
 
(a)   Earnings from continuing operations for 2007 and prior have been adjusted to exclude operations that have been classified as discontinued subsequent to 2007.
     The earnings to fixed charges ratio is calculated by dividing earnings available for fixed charges for each period by fixed charges for that period. Earnings available for fixed charges is calculated by adding pre-tax income from continuing operations and fixed charges. Fixed charges are the sum of interest expense, the amount amortized from debt financing costs, and an estimate of the amount of interest within the Company’s rental expense. All interest expense for the Company is classified within continuing operations.