EX-12.1 2 d226578dex121.htm RATIO OF EARNINGS TO FIXED CHARGES Ratio of Earnings to Fixed Charges

Exhibit 12.1

Ratio of Earnings to Fixed Charges

The following table provides our consolidated ratios of earnings to fixed charges (in thousands except ratios):

 

     Nine Months
Ended
September 30,
     Year Ended December 31,  
     2011      2010      2009      2008      2007  

Fixed Charges:

              

Interest expense (1)

   $ 11,448       $ 12,233       $ 1,141       $ 3,978       $ 5,103   

Amortized premiums, discounts and capitalized expenses related to indebtedness (2)

     958         937         300         280         393   

Estimate of the interest within rental expense (3)

     13,264         15,957         17,128         17,791         10,921   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Fixed Charges

   $ 25,670       $ 29,127       $ 18,569       $ 22,049       $ 16,417   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Earnings:

              

Pre-tax income from continuing operations before income or loss from equity investees (4)

   $ 165,851       $ 202,451       $ 178,508       $ 149,959       $ 110,125   

Fixed Charges

     25,670         29,127         18,569         22,049         16,417   

Distributed income of equity investees (4)

     0         0         0         0         0   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Earnings

   $ 191,521       $ 231,578       $ 197,077       $ 172,008       $ 126,542   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratio of Earnings to Fixed Charges

     7.5         8.0         10.6         7.8         7.7   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) Interest expense consists of interest on indebtedness.
(2) Represents the amortization of financing costs incurred in connection with the Company’s credit agreements.
(3) The proportion of rental expense deemed to be representative of the interest factor is one third.
(4) Equity investees are investments accounted for using the equity method of accounting.