EX-12 2 ex12.htm EXHIBIT 12 ex12.htm
Exhbit 12
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
(In Thousands, Except Ratios)
 
                               
                               
                               
   
Twelve months Ended
   
Twelve months Ended
   
Twelve months Ended
   
Twelve months Ended
   
Twelve months Ended
 
   
December 31,
   
December 31,
   
December 31,
   
December 31,
   
December 31,
 
   
2010
   
2009
   
2008
   
2007
   
2006
 
                               
                               
Earnings: (1)
                             
Net income
  $ 123,854     $ 107,428     $ 111,136     $ 106,506     $ 91,377  
Income taxes
    77,100       59,244       67,560       66,741       47,691  
Fixed Charges (See below) (2)
    81,803       80,107       80,611       81,145       78,345  
  Total adjusted earnings
  $ 282,757     $ 246,779     $ 259,307     $ 254,392     $ 217,413  
Fixed charges: (2)
                                       
  Total interest expense
  $ 81,425     $ 79,203     $ 79,877     $ 80,576     $ 77,538  
  Interest component of rents
    378       904       734       569       807  
    Total fixed charges
  $ 81,803     $ 80,107     $ 80,611     $ 81,145     $ 78,345  
                                         
Ratio of earnings to fixed charges
    3.5       3.1       3.2       3.1       2.8  
 
(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.