EX-12.1 21 dex121.htm EXHIBIT 12.1 Exhibit 12.1

Exhibit 12.1

Ratio of Earnings to Fixed Charges

Amounts in Thousands (except ratios)

 

     Year Ended December 31,    Six Months
Ended June 30,
2010
     2005    2006    2007    2008    2009   

Earnings:

                 

Pre-tax income from continuing operations

   $ 130,742    $ 155,278    $ 173,886    $ 157,318    $ 150,634    $ 66,670

Less: Income from equity investees

     803      1,052      1,230      1,414      1,113      548
                                         

Pre-tax income from continuing operations before adjustment for income from equity investees

     129,939      154,226      172,656      155,904      149,521      66,122

Add:

                 

Fixed charges

     19,083      16,694      16,434      13,259      6,956      2,854

Distributions from equity investees

     681      1,095      1,245      1,180      1,337      148
                                         

Total Earnings

   $ 149,703    $ 172,015    $ 190,335    $ 170,343    $ 157,814    $ 69,124
                                         

Fixed Charges:

                 

Interest expense and amortization of loan costs (1), (2)

   $ 16,401    $ 14,948    $ 14,816    $ 11,150    $ 4,693    $ 1,470

Rental expense interest component (3)

     2,682      1,746      1,618      2,109      2,263      1,384
                                         

Total Fixed Charges

   $ 19,083    $ 16,694    $ 16,434    $ 13,259    $ 6,956    $ 2,854
                                         

Ratio of Earnings to Fixed Charges

     7.8      10.3      11.6      12.8      22.7      24.2
                                         

 

(1) Excludes losses recognized on early extinguishment of debt.
(2) The Company records interest expense accrued on uncertain tax positions as a component of income taxes. The Company has excluded these costs from both the earnings and fixed charges calculation.
(3) The Company utilized one-third of rental expenses relating to operating leases as the interest portion which it believes is a reasonable approximation of the interest factor.