EX-12 15 d66055exv12.htm STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12
 
EXHIBIT 12
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
                                         
    Years Ended December 31,  
(In thousands)   2008     2007     2006     2005     2004  
 
Earnings from continuing operations before income taxes
  $ 431,084     $ 263,891     $ 233,442     $ 175,860     $ 127,830  
Add:
                                       
Interest on indebtedness
    47,011       33,311       29,227       36,234       34,227  
Amortization of debt expense
    1,070       796       704       939       1,098  
Portion of rents representative of the interest factor
    10,823       8,578       7,735       7,392       7,089  
Deduct:
                                       
Undistributed earnings from less-than-50-percent-owned entities
    (66 )     427       (61 )     (631 )     (1,055 )
                                         
Earnings (as defined)
  $ 489,922     $ 307,003     $ 271,047     $ 219,794     $ 169,189  
                                         
Fixed charges:
                                       
Interest on indebtedness
  $ 47,011     $ 33,311     $ 29,227     $ 36,234     $ 34,227  
Amortization of debt expense
    1,070       796       704       939       1,098  
Portion of rents representative of the interest factor
    10,823       8,578       7,735       7,392       7,089  
                                         
Total fixed charges
  $ 58,904     $ 42,685     $ 37,666     $ 44,565     $ 42,414  
                                         
Ratio of earnings to fixed charges
    8.3 x     7.2 x     7.2 x     4.9 x     4.0x