EX-12 6 g93147exv12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges
 

Exhibit 12

Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
(unaudited)

                                                                 
                                                    Nine Months Ended  
    Year Ended December 31,     September 30,  
                                    2003     2003     2004     2004  
    1999     2000     2001     2002     Actual     Proforma (1)     Actual     Proforma (1)  
Fixed Charges:
                                                               
Interest expense on indebtedness
  $ 5,556     $ 14,773     $ 42,730     $ 49,069     $ 45,716     $ 41,233     $ 41,593     $ 38,237  
Interest expense on portion of rent expense representative of interest
    366       350       478       427       442       442       403       403  
 
                                               
Total Fixed Charges
  $ 5,922     $ 15,123     $ 43,208     $ 49,496     $ 46,158     $ 41,675     $ 41,996     $ 38,640  
 
                                               
 
                                                               
Earnings:
                                                               
Income before provision for income taxes and minority interest
  $ 84,735     $ 150,727     $ 296,635     $ 170,380     $ 141,634     $ 146,117     $ 149,542     $ 152,898  
Fixed charges
    5,922       15,123       43,208       49,496       46,158       41,675       41,996       38,640  
 
                                               
Total earnings
  $ 90,657     $ 165,850     $ 339,843     $ 219,876     $ 187,792     $ 187,792     $ 191,538     $ 191,538  
 
                                               
 
                                                               
Ratio of earnings to fixed charges
    15.3x       11.0x       7.9x       4.4x       4.1x       4.5x       4.6x       5.0x  


(1)   The ratio of earnings to fixed charges for the year ended December 31, 2003, and the nine months ended September 30, 2004, have been adjusted on a proforma basis assuming the $333.0 million of 1.875% Notes were outstanding since January 1, 2003, and the $250.0 million of 4.5 % Notes were not outstanding during these periods.