EX-12.1 4 dex121.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Computation of Ratios of Earnings to Fixed Charges

Exhibit 12.1

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(In thousands)

 

     Nine Months
Ended
September 30, 2009		    Years Ended December 31,  
        2008    2007    2006    2005     2004  

Earnings (loss) before income taxes

    $ 193,271    $ 15,337    $ 39,407    $ 33,263    $ (14,840 )    $ (8,798 ) 

Add:

                 

Interest expense

      11,271      13,147      13,000      13,000      12,589        12,500   

Rental expense factor 1

      3,600      4,501      4,489      5,156      4,654        4,552   
                                            

Earnings available for fixed charges

    $ 208,142    $ 32,985    $ 56,896    $ 51,419    $ 2,403      $ 8,254   
                                            

Fixed charges:

                 

Interest expense

    $ 11,271    $ 13,147    $ 13,000    $ 13,000    $ 12,589      $ 12,500   

Rental expense factor 1

      3,600      4,501      4,489      5,156      4,654        4,552   
                                            

Total fixed charges

    $ 14,871    $ 17,648    $ 17,489    $ 18,156    $ 17,243      $ 17,052   
                                            

Ratio of earnings to fixed charges

      14.0      1.9      3.3      2.8      0.1        0.5   
                                            

 

1

“Rental expense factor” is the portion of rental expense estimated to be representative of the interest factor within rental expense.

The ratio of earnings to fixed charges is computed by dividing income or loss before taxes plus fixed charges by fixed charges. Fixed charges consist of interest expense and the estimated portion of rental expense deemed by us to be representative of the interest factor of rental payments under operating leases. The dollar amount of deficiency in earnings available for fixed charges for a one-to-one ratio for 2005 and 2004 was $14,840 and $8,798, respectively.