EX-12 2 ex12.htm EXHIBIT 12 ex12.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,
 
   
2008
   
2007
   
2006
   
2008
   
2007
 
                               
                               
Earnings: (1)
                             
Net income (2)
  $ 114,407     $ 106,506     $ 91,377     $ 66,783     $ 58,882  
Income taxes
    73,060       66,741       47,691       41,075       34,756  
Equity in (income) losses of equity investees, net of distributions
    -       -       -       -       -  
Fixed Charges (See below) (3)
    82,868       81,145       78,345       40,092       38,369  
Less:  Preferred stock dividend
    -       -       -       -       -  
    Total adjusted earnings
  $ 270,335     $ 254,392     $ 217,413     $ 147,950     $ 132,007  
Fixed charges: (3)
                                       
    Total interest expense
  $ 82,504     $ 80,576     $ 77,538     $ 39,935     $ 38,007  
    Interest component of rents
    364       569       807       157       362  
    Preferred stock dividend
    -       -       -       -       -  
        Total fixed charges
  $ 82,868     $ 81,145     $ 78,345     $ 40,092     $ 38,369  
                                         
Ratio of earnings to fixed charges
    3.3       3.1       2.8       3.7       3.4  
 
 
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 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, the estimated portion of interest implicit in rentals, and preferred stock dividends of a
       consolidated subsidiary.