EX-12.1 4 h65331p1exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
($ in thousands)
                                                 
    Three Months        
    Ended        
    September 30,     Year Ended December 31,  
    2008     2007     2006     2005     2004     2003  
Income from continuing operations before income taxes (a)
  $ 457,061     $ 1,427,289     $ 1,237,729     $ 618,231     $ 411,946     $ 188,632  
Fixed charges:
                                               
Interest expense (b)
    66,993       183,128       109,216       80,189       63,467       76,447  
Capitalized Interest
    11,336       2,624       2,483       2,072       3,465       3,020  
Interest factor portion of rentals (c)
    11,839       43,212       30,275       23,290       13,991       13,581  
 
                                   
Total fixed charges
    90,168       228,964       141,974       105,551       80,923       93,048  
Less: Capitalized Interest
    (11,336 )     (2,624 )     (2,483 )     (2,072 )     (3,465 )     (3,020 )
Earnings before income taxes and fixed charges
  $ 535,893     $ 1,653,629     $ 1,377,220     $ 721,710     $ 489,404     $ 278,660  
 
                                   
Ratio of earnings to fixed charges
    5.94       7.22       9.70       6.84       6.05       2.99  
 
                                   
 
(a)   Income 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.