EX-12 2 ex_12.htm EXHIBIT 12 ex_12.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,
   
2010
 
2009
 
2008
 
2010
 
2009
                     
                     
Earnings: (1)
                   
Net income (2)
 
 $          106,609
 
 $           107,428
 
 $           111,136
 
 $             55,354
 
 $          56,173
Income taxes
 
               61,157
 
                59,244
 
                67,560
 
                33,708
 
             31,795
Fixed Charges (See below) (3)
 
               81,651
 
                80,107
 
                80,611
 
                20,382
 
             18,838
Total adjusted earnings
 
 $          249,417
 
 $           246,779
 
 $           259,307
 
 $           109,444
 
 $        106,806
Fixed charges: (3)
                   
Total interest expense
 
 $            80,763
 
 $             79,203
 
 $             79,877
 
 $             20,313
 
 $          18,753
Interest component of rents
 
                    888
 
                     904
 
                     734
 
                       69
 
                    85
Total fixed charges
 
 $            81,651
 
 $             80,107
 
 $             80,611
 
 $             20,382
 
 $          18,838
                     
Ratio of earnings to fixed charges
                     3.1
 
                      3.1
 
                      3.2
 
                      5.4
 
                   5.7
                     
                            (1)    For the purposes of computing these ratios, earnings consist of pretax net income before fixed charges and less preferred stock dividends of a consolidated subsidiary.
        (2)    Net income, as defined, is before preferred stock dividend requirement of subsidiary and cumulative effect of change in accounting principle. 
  
        (3)    Fixed charges consist of total interest, amortization of debt discount, premium and expense, premium and expense, the estimated portion of interest implicit
         in rentals, and preferred stock dividends of a consolidated subsidiary.