EX-12.1 8 exhibit_12-1.htm EXHIBIT 12.1 exhibit_12-1.htm


 
Exhibit 12.1
 
RATIO OF EARNINGS TO FIXED CHARGES
 

The following table sets forth our ratios of earnings to fixed charges for the periods indicated. Earnings consist of income from continuing operations before provisions for income taxes plus fixed charges. Fixed charges include interest expense, amortization of debt issuance costs and the portion of rental expense we believe is representative of the interest component of rent expense.

 
Year Ended December 31,
 
 
2011
 
2010
 
2009
 
2008
 
2007
 
 
(In thousands, except per share amounts)
 
Income from continuing operations
  $ 514,096     $ 310,890     $ 262,946     $ 380,151     $ 351,844  
Plus
                                       
Fixed charges
    320,978       338,609       164,413       114,186       96,826  
Total
  $ 835,074     $ 649,499     $ 427,359     $ 494,337     $ 448,670  
     
Earnings to fixed charges ratio
    2.6       1.9       2.6       4.3       4.6  
     
Fixed charges:
                                       
Interest expense, including the amortization of debt issuance costs
  $ 300,816     $ 320,469     $ 146,589     $ 96,041     $ 79,821  
Estimate of interest component of rent expense(1) 
    20,162       18,140       17,824       18,145       17,005  
Total fixed charges
  $ 320,978     $ 338,609     $ 164,413     $ 114,186     $ 96,826  

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(1)           Estimated at 1/3 of total rent expense