EX-12.1 9 y90456exv12w1.htm EX-12.1 exv12w1
EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
     The following table sets forth information regarding our ratio of earnings to combined fixed charges for the year ended December 31, 2010, as adjusted to give effect to this offering and the application of the net proceeds therefrom, and for the historical periods shown. For purposes of determining the ratio of earnings to combined fixed charges, earnings consist of income from continuing operations before income taxes with applicable adjustments. Combined fixed charges consist of capitalized interest credit, interest factor in rental expense and other interest and fixed charges.
                                         
    For the Fiscal Years Ended December 31,  
    2010     2009     2008     2007     2006  
            (in thousands, except for ratios)          
Earnings:
                                       
Income from continuing operations before income taxes
  $ 406,650     $ 264,605     $ 278,899     $ 258,147     $ 232,777  
Fixed charges
    51,437       51,243       46,130       36,747       29,823  
 
                             
Total earnings available for fixed charges
  $ 458,087     $ 315,848     $ 325,029     $ 294,894     $ 262,600  
Fixed Charges:
                                       
Interest expense
  $ 34,664     $ 35,265     $ 31,316     $ 22,928     $ 16,668  
Interest factor in rental expense (1)
    16,773       15,978       14,814       13,819       13,155  
 
                             
Total fixed charges
  $ 51,437     $ 51,243     $ 46,130     $ 36,747     $ 29,823  
Ratio of Earnings to Fixed Charges
    8.9x       6.2x       7.0x       8.0x       8.8x  
 
(1)   Fixed charges consist of interest and our estimate of an appropriate portion of rental expenses representative of the interest factor. Our estimate of interest within rental expense is estimated to be one-third of rental expense.