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
   
Nine months
   
Nine months
 
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
   
September 30,
   
December 31,
   
December 31,
   
September 30,
   
September 30,
 
   
2008
   
2007
   
2006
   
2008
   
2007
 
                               
                               
Earnings: (1)
                             
Net income (2)
  $ 117,282     $ 106,506     $ 91,377     $ 80,389     $ 69,613  
Income taxes
    74,537       66,741       47,691       49,582       41,786  
Equity in (income) losses of equity investees, net of distributions
    -       -       -       -       -  
Fixed Charges (See below) (3)
    81,637       81,145       78,345       59,793       59,301  
Less:  Preferred stock dividend
    -       -       -       -       -  
    Total adjusted earnings
  $ 273,456     $ 254,392     $ 217,413     $ 189,764     $ 170,700  
Fixed charges: (3)
                                       
    Total interest expense
  $ 81,376     $ 80,576     $ 77,538     $ 59,558     $ 58,758  
    Interest component of rents
    261       569       807       235       543  
    Preferred stock dividend
    -       -       -       -       -  
        Total fixed charges
  $ 81,637     $ 81,145     $ 78,345     $ 59,793     $ 59,301  
                                         
Ratio of earnings to fixed charges
    3.3       3.1       2.8       3.2       2.9  
 
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.