EX-12.1 2 exh12-1.htm CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES exh12-1.htm

Exhibit 12.1

Calculation of Ratio of Earnings to Fixed Charges


   
Year Ended December 31,
 
 
 
2007
   
2008
   
2009
   
2010
   
2011
 
 
 
(In thousands, except ratio of earnings to fixed charges)
 
Income from continuing operations before income taxes
  $ 223,129     $ 160,904     $ 417     $ 28,371     $ 127,956  
Fixed charges(1)
                                       
Interest expense
    7,106       7,369       7,119       6,690       6,818  
Amortization of debt issuance cost
    421       506       399       369       380  
Interest included in rental expense
    899       992        1,071       1,009        942  
Total fixed charges
  $ 8,426     $ 8,867     $  8,589     $  7,625     $  8,140  
Earnings(2)
  $ 231,555     $ 169,771     $ 9,006     $ 35,996     $ 136,096  
Ratio of earnings to fixed charges
    27.5       19.1       1.1       4.7       16.7  
     ___________
(1)
“Fixed charges” consist of interest expense on indebtedness, amortization of debt issuance costs and the estimated portion of rental expense deemed a reasonable approximation of this interest factor.
(2)        “Earnings” consist of income from continuing operations before income taxes plus fixed charges.