EX-12.1 3 dex121.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges

 

     December 31,
2009
   December 31,
2008
   December 31,
2007
   December 31,
2006
   December 31,
2005

Earnings:

              

Earnings before income taxes

   $ 6,359    $ 5,263    $ 7,849    $ 6,984    $ 5,080

Add back:

              

Fixed charges

     642      718      629      533      294
                                  

Total earnings available for fixed charges

   $ 7,001    $ 5,981    $ 8,478    $ 7,517    $ 5,374
                                  

Fixed Charges:

              

Interest, capitalized and expensed

   $ 551    $ 639    $ 562    $ 470    $ 248

Interest component of rental payments

     91      79      67      63      46
                                  

Total fixed charges

   $ 642    $ 718    $ 629    $ 533    $ 294
                                  

Ratio of earnings to fixed charges

     10.9      8.3      13.5      14.1      18.3
                                  

The ratio of earnings to fixed charges is computed by dividing total earnings available for fixed charges by the fixed charges. For purposes of computing this ratio, fixed charges consist of interest expense plus the interest factor in rental expense.