EX-12 4 g95977exv12.htm COMPUTATION OF RATIO OF EARNINGS Computation of Ratio of Earnings
 

Exhibit 12

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

                                                                 
    Year Ended December 31,     Three Months Ended March 31,  
                                    2004     2004     2005     2005  
    2000     2001     2002     2003     Actual     Proforma (1)     Actual     Proforma (1)  
Fixed Charges:
                                                               
Interest expense on indebtedness
  $ 14,773     $ 42,730     $ 49,069     $ 45,716     $ 46,207     $ 52,644     $ 11,016     $ 12,625  
Interest expense on portion of rent expense representative of interest
    350       478       427       442       558       558       171       171  
 
                                               
 
Total Fixed Charges
  $ 15,123     $ 43,208     $ 49,496     $ 46,158     $ 46,765     $ 53,202     $ 11,187     $ 12,796  
 
                                               
 
Earnings:
                                                               
Income before provision for income taxes and minority interest
  $ 150,727     $ 296,635     $ 170,380     $ 141,634     $ 216,568     $ 210,131     $ 42,634     $ 41,025  
 
Fixed charges
    15,123       43,208       49,496       46,158       46,765       53,202       11,187       12,796  
 
                                               
 
Total earnings
  $ 165,850     $ 339,843     $ 219,876     $ 187,792     $ 263,333     $ 263,333     $ 53,821     $ 53,821  
 
                                               
 
Ratio of earnings to fixed charges
    11.0 x     7.9 x     4.4 x     4.1 x     5.6 x     4.9 x     4.8 x     4.2 x
 
(1)   The ratio of earnings to fixed charges for the year ended December 31, 2004, and the three months ended March 31, 2005, have been adjusted on a proforma basis assuming the $350.0 million of 1.5% Notes were outstanding since January 1, 2004.