EX-12.1 8 a09-1364_1ex12d1.htm EX-12.1

Exhibit 12.1

 

Ratio of Earnings to Fixed Charges

 

(in thousands)

 

 

 

2008

 

2007

 

2006

 

2005

 

2004

 

Fixed Charges Computation:

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividend

 

$

—

 

$

1,555

 

$

1,927

 

$

1,854

 

$

1,512

 

Interest expense

 

9,375

 

10,412

 

7,060

 

5,075

 

3,722

 

Assumed interest element included in rent expense

 

2,313

 

1,446

 

1,278

 

935

 

778

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges and preferred stock dividend

 

$

11,688

 

$

13,413

 

$

10,265

 

$

7,864

 

$

6,012

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Computation:

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes and equity in loss of investees and minority interests

 

$

295,569

 

$

150,023

 

$

65,632

 

$

35,703

 

$

31,827

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividend

 

—

 

(1,555

)

(1,927

)

(1,854

)

(1,512

)

Minority interests

 

(4,386

)

(6,083

)

(2,824

)

(816

)

(114

)

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

11,688

 

13,413

 

10,265

 

7,864

 

6,012

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings as adjusted

 

$

302,871

 

$

155,798

 

$

71,146

 

$

40,897

 

$

36,213

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earning to fixed charges

 

25.9

x

13.1

x

8.5

x

6.8

x

8.0

x

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred stock dividend

 

25.9

x

11.6

x

6.9

x

5.2

x

6.0

x