EX-12 3 a08-11436_1ex12.htm EX-12

Exhibit 12

 

RATIO OF EARNINGS TO FIXED CHARGES

 

The following table sets forth the Company’s ratio of earnings to fixed charges for the three months ended March 31, 2008 and the years ended December 31 as indicated:

 

 

 

Three Months

 

 

 

 

 

Ended

 

Year Ended December 31,

 

 

 

3/31/2008

 

2007

 

2006

 

2005

 

2004

 

Ratio of earnings to fixed charges

 

(12.16

)

13.24

 

10.05

 

9.68

 

9.38

 

 

For purposes of computing the ratio of earnings to fixed charges, earnings are defined as earnings before income taxes from continuing operations, less interest on FIN 48 liabilities, add-back fixed charges.  Fixed charges consist of interest expense (including capitalized interest, but excluding interest on FIN 48 liabilities) and the portion of rental expense that is representative of the interest factor.

 

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