EX-12 2 exhibit12ratioofearningsto.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 Ratio of Earnings to Fixed Charges


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,
 
 
2012
 
2011
 
2010
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings: (1)
 
 
 
 
 
 
 
 
 
 
Net income
 
$
134,051

 
$
122,874

 
$
123,854

 
$
76,092

 
$
64,915

Income taxes
 
88,040

 
82,859

 
77,100

 
46,756

 
41,575

Fixed Charges (See below) (2)
 
75,485

 
80,650

 
81,803

 
35,825

 
40,990

Total adjusted earnings
 
$
297,576

 
$
286,383

 
$
282,757

 
$
158,673

 
$
147,480

Fixed charges: (2)
 
 
 
 
 
 
 
 
 
 
Total interest expense
 
$
75,127

 
$
80,281

 
$
81,425

 
$
35,654

 
$
40,808

Interest component of rents
 
358

 
369

 
378

 
171

 
182

Total fixed charges
 
$
75,485

 
$
80,650

 
$
81,803

 
$
35,825

 
$
40,990

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
3.9

 
3.6

 
3.5

 
4.4

 
3.6



(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.