EX-12.1 2 a12-9140_1ex12d1.htm EX-12.1

EXHIBIT 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Three Months Ended
March 31,

 

(In thousands, except ratios)

 

2012

 

2011

 

 

 

(unaudited)

 

Earnings:

 

 

 

 

 

Net income

 

$

26,927

 

$

3,176

 

Add:

 

 

 

 

 

Provision for income taxes

 

14,683

 

1,748

 

Fixed charges

 

28,926

 

13,345

 

Less:

 

 

 

 

 

Capitalized interest

 

(3,949

)

(1,845

)

Earnings as adjusted (A)

 

$

66,587

 

$

16,424

 

Fixed charges:

 

 

 

 

 

Interest expense

 

$

24,781

 

$

11,388

 

Capitalized interest

 

3,949

 

1,845

 

Interest factors of rents (1)

 

196

 

112

 

Fixed charges as adjusted (B)

 

$

28,926

 

$

13,345

 

Ratio of earnings to fixed charges ((A) divided by (B))

 

2.30

 

1.23

 

 

(1)    Estimated to be 1/3 of rent expense.