EX-12 2 vuhi6302013ex12.htm EXHIBIT 12 vuhi6302013ex12.htm


Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands, Except Ratios)

 
                                         
 
 
Twelve months
 
Twelve months
 
Twelve months
 
Six Months
 
Six Months
 
 
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
 
June 30,
 
December 31,
 
December 31,
 
June 30,
 
June 30,
 
 
2013
 
2012
 
2011
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings: (1)
 
 
 
 
 
 
 
 
 
 
Net income
 
$
141,142

 
$
137,975

 
$
122,874

 
$
79,259

 
$
76,092

Income taxes
 
87,051

 
85,301

 
82,859

 
48,506

 
46,756

Fixed Charges (See below) (2)
 
69,809

 
71,862

 
80,650

 
33,772

 
35,825

Total adjusted earnings
 
$
298,002

 
$
295,138

 
$
286,383

 
$
161,537

 
$
158,673

Fixed charges: (2)
 
 
 
 
 
 
 
 
 
 
Total interest expense
 
$
69,418

 
$
71,475

 
$
80,281

 
$
33,597

 
$
35,654

Interest component of rents
 
391

 
387

 
369

 
175

 
171

Total fixed charges
 
$
69,809

 
$
71,862

 
$
80,650

 
$
33,772

 
$
35,825

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
4.3

 
4.1

 
3.6

 
4.8

 
4.4



(1) For the purposes of computing these ratios, earnings consist of pretax net income before fixed charges.

(2) Fixed charges consist of total interest, amortization of debt discount, premium and expense, and the estimated portion of interest implicit in rentals.