EX-12.1 3 form10k2011ex121.htm FORM 10-K, EXHIBIT 12.1 form10k2011ex121.htm


Exhibit 12.1
 
 
Computation of Ratios of Earnings to Fixed Charges
 
The following table sets forth certain information regarding our consolidated ratio of earnings to fixed charges for the five-year period ended December 31, 2011.
 
   
Year Ending December 31,
   
   
2011
   
2010
   
2009
   
2008
   
2007
 
(In thousands, except ratio data)
                             
Income before taxes and noncontrolling interests
  $ 110,442     $ 109,341     $ 87,903     $ 36,413     $ 129,840  
Fixed charges
    15,038       12,047       13,356       9,506       12,036  
Adjusted earnings
    125,480       121,388       101,259       45,919       141,876  
                                         
Interest expense
    14,997       11,984       13,290       9,441       11,971  
Interest portion of operating leases
    41       63       66       65       65  
Fixed charges
  $ 15,038     $ 12,047     $ 13,356     $ 9,506     $ 12,036  
                                         
Ratio of earnings to fixed charges (a)
    8.3       10.1       7.6       4.8       11.8  
 
(a) 
These ratios were calculated by dividing the sum of fixed charges into the sum of earnings before taxes and noncontrolling interest and fixed charges.  Fixed charges for these purposes consist of all interest expense and the approximate portion of rental expense representing interest.