EX-12.1 2 ex12_1.htm EXHIBIT 12.1 ex12_1.htm
Exhibit 12
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
(In Thousands, Except Ratios)
 
                               
                               
                               
   
Twelve months
   
Twelve months
   
Twelve months
   
Three months
   
Three months
 
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
   
March 31,
   
December 31,
   
December 31,
   
March 31,
   
March 31,
 
   
2009
   
2008
   
2007
   
2009
   
2008
 
                               
                               
Earnings: (1)
                             
Net income (2)
  $ 109,296     $ 111,136     $ 106,506     $ 56,173     $ 58,013  
Income taxes
    63,619       67,560       66,741       31,795       35,736  
Equity in (income) losses of equity investees, net of distributions
    -       -       -       -       -  
Fixed Charges (See below) (3)
    78,550       80,611       81,145       18,838       20,899  
Less:  Preferred stock dividend
    -       -       -       -       -  
    Total adjusted earnings
  $ 251,465     $ 259,307     $ 254,392     $ 106,806     $ 114,648  
Fixed charges: (3)
                                       
    Total interest expense
  $ 77,809     $ 79,877     $ 80,576     $ 18,753     $ 20,821  
    Interest component of rents
    741       734       569       85       78  
    Preferred stock dividend
    -       -       -       -       -  
        Total fixed charges
  $ 78,550     $ 80,611     $ 81,145     $ 18,838     $ 20,899  
                                         
Ratio of earnings to fixed charges
    3.2       3.2       3.1       5.7       5.5  
 
1.    For the purposes of computing these ratios, earnings consist of pretax net income before income (losses) from equity investees, fixed charges, and less preferred stock dividends of consolidated subsidiaries.
 
2.    Net income, as defined, is before preferred stock dividend requirement of subsidiaries and cumulative effect of change in accounting principle.
 
3.    Fixed charges consist of total interest, amortization of debt discount, premium and expense, the estimated portion of interest implicit in rentals, and any preferred stock dividends of consolidated subsidiaries.