EX-12 2 ex12.htm EXHIBIT 12 ex12.htm
Exhibit 12
 
   
Twelve months
   
Twelve months
   
Twelve months
   
Twelve months
   
Twelve months
 
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
   
December 31,
   
December 31,
   
December 31,
   
December 31,
   
December 31,
 
   
2008
   
2007
   
2006
   
2005
   
2004
 
                               
                               
Earnings: (1)
                             
Net income (2)
  $ 111,136     $ 106,506     $ 91,377     $ 95,128     $ 83,146  
Income taxes
    67,560       66,741       47,691       57,500       53,035  
Equity in (income) losses of equity investees, net of distributions
    -       -       -       -       (128 )
Fixed Charges (See below) (3)
    80,611       81,145       78,345       71,007       68,363  
Less:  Preferred stock dividend
    -       -       -       4       13  
Total adjusted earnings
  $ 259,307     $ 254,392     $ 217,413     $ 223,631     $ 204,403  
Fixed charges: (3)
                                       
Total interest expense
  $ 79,877     $ 80,576     $ 77,538     $ 69,942     $ 67,408  
Interest component of rents
    734       569       807       1,061       942  
Preferred stock dividend
    -       -       -       4       13  
Total fixed charges
  $ 80,611     $ 81,145     $ 78,345     $ 71,007     $ 68,363  
                                         
Ratio of earnings to fixed charges
    3.2       3.1       2.8       3.1       3.0  
 
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.