EX-12 6 exhibit12.htm EXHIBIT 12 exhibit12.htm - Generated by SEC Publisher for SEC Filing

EXHIBIT 12

COMPUTATION OF RATIOS

(UNAUDITED)

 

 

Our consolidated ratios of earnings to fixed charges for each of the fiscal years ended December 31, 2014, 2013, 2012, 2011 and 2010 are as follows:

 

 

Year Ended December 31,

2014 

2013 

2012 

2011 

2010 

Earnings:

Pretax income from continuing operations

$

67,055 

$

54,503 

$

50,105 

$

54,789 

$

46,335 

Fixed charges

32,920 

44,789 

45,901 

44,147 

46,973 

Capitalized interest

(603)

-   

-   

-   

(1,269)

Total earnings - Numerator

$

99,372 

$

99,292 

$

96,006 

$

98,936 

$

92,039 

Fixed charges:

Interest and debt expense

$

32,068 

$

44,540 

$

45,652 

$

43,898 

$

45,455 

1/3 of rent expense - interest factor

249 

249 

249 

249 

249 

Capitalized interest

603 

-   

-   

-   

1,269 

Total fixed charges - Denominator

$

32,920 

$

44,789 

$

45,901 

$

44,147 

$

46,973 

Ratio of earnings to fixed charges

3.02 

2.22 

2.09 

2.24 

1.96 

 

 

Earnings equals (i) income from continuing operations before income taxes, plus (ii) fixed charges, minus (iii) capitalized interest.  Fixed charges equals (i) interest and debt expense, plus (ii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals and (iii) capitalized interest.