EX-12 3 dex12.htm STATEMENTS RE: COMPUTATION OF RATIOS Statements re: Computation of Ratios

Exhibit 12

Statement re: Computation of Ratios

(In thousands)

 

     Nine months
ended
September 30,
2008
   2007    2006    2005    2004    2003

Pre-tax income from continuing operations before adjustment for equity earnings and minority interest

   $ 75,657    $ 90,795    $ 292,586    $ 56,450    $ 36,849    $ 26,727

Distribution of earnings from equity investees

     —        —        378      677      5,757      132
                                         

Adjusted pre-tax income from continuing operations before adjustment for equity earnings and minority interest

   $ 75,657    $ 90,795    $ 292,964    $ 57,127    $ 42,606    $ 26,859
                                         

Fixed charges

                 

Interest expense on all debt and amortization of debt issue costs from continuing operations

   $ 12,203    $ 14,735    $ 16,007    $ 13,335    $ 9,266    $ 6,413

Interest expense on all debt and amortization of debt issue costs from discontinued operations

     —        2,462      1,469      1,565      1,876      2,233

Portion of rental expense on operating leases attributable to interest

     3,076      6,944      6,816      5,344      3,587      3,358
                                         

Total fixed charges

     15,279      24,141      24,292      20,244      14,729      12,004

Plus: preferred stock dividends

     —        —        —        —        782      2,148
                                         

Total fixed charges plus preferred stock dividends

   $ 15,279    $ 24,141    $ 24,292    $ 20,244    $ 15,511    $ 14,152
                                         

Total earnings plus fixed charges

   $ 90,936    $ 114,936    $ 317,256    $ 77,371    $ 57,335    $ 38,863

Ratio of earnings to fixed charges

     6.0      4.8      13.1      3.8      3.9      3.2

Ratio of earnings to fixed charges and preferred stock dividends

     6.0      4.8      13.1      3.8      3.7      2.7