EX-12.1 4 h50337exv12w1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w1
 

Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
($ in thousands)
                                                         
    Six Months Ended        
    June 30     Year Ended December 31,  
    2007     2006     2006     2005     2004     2003     2002  
Income (loss) from continuing operations before income taxes(a)
  $ 664,006     $ 557,885     $ 1,237,729     $ 618,231     $ 411,946     $ 188,632     $ (32,065 )
 
                                                       
Fixed charges:
                                                       
Interest expense(b)
    74,725       45,824       109,216       80,189       63,467       76,447       85,419  
Capitalized Interest
    1,322       1,129       2,483       2,072       3,465       3,020       1,695  
Interest factor portion of rentals(c)
    17,815       13,371       30,275       23,290       13,991       13,581       13,769  
 
                                         
Total fixed charges
    93,862       60,324       141,974       105,551       80,923       93,048       100,883  
 
                                                       
Less: Capitalized Interest
    (1,322 )     (1,129 )     (2,483 )     (2,072 )     (3,465 )     (3,020 )     (1,695 )
 
                                                       
Earnings before income taxes and fixed charges
  $ 756,546     $ 617,080     $ 1,377,220     $ 721,710     $ 489,404     $ 278,660     $ 67,123  
 
                                         
 
                                                       
Ratio of earnings to fixed charges
    8.06       10.23       9.70       6.84       6.05       2.99       (d)
 
                                         
 
(a)   Income (loss) from continuing operations before income taxes has been adjusted to include only distributed income of less-than-fifty-percent-owned persons.
 
(b)   Interest expense consists of interest expense incurred from continuing operations and amortization of debt issuance costs.
 
(c)   Interest factor portion of rentals is estimated to be one-third of rental expense.
 
(d)   For the year ended December 31, 2002, earnings, as defined, before fixed charges were inadequate to cover fixed charges by $33.8 million.