EX-12.1 8 y13484aexv12w1.htm EX-12.1: STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES EX-12.1:
 

Exhibit 12.1
Statement Regarding Computation of
Ratio of Earnings to Fixed Charges
(dollar amounts in thousands)
                                                         
    Six Months Ended        
    June 30,     For the Year Ended December 31,  
    2005     2004     2004     2003     2002     2001     2000  
         
Earnings from continuing operations before income taxes
  $ 306,973     $ 269,854     $ 543,622     $ 366,465     $ 259,759     $ 250,483     $ 714,816  
 
                                                       
Add Fixed Charges:
                                                       
 
                                                       
Interest Expense
  $ 35,377     $ 33,290     $ 68,014     $ 68,264     $ 69,899     $ 90,874     $ 96,924  
 
                                                       
Rent Expense (Interest Portion)
    7,544       7,212       14,425       14,133       13,950       12,699       10,781  
 
                                                       
Total Fixed Charges
    42,921       40,502       82,439       82,397       83,849       103,573       107,705  
 
                                                       
         
Earnings as Adjusted
  $ 349,894     $ 310,356     $ 626,061     $ 448,862     $ 343,608     $ 354,056     $ 822,521  
         
 
                                                       
         
Ratio of Earnings to Fixed Charges
    8.15       7.66       7.59       5.45       4.10       3.42       7.64  
         
The earnings to fixed charges ratio is calculated by dividing earnings available for fixed charges for each period by fixed charges for that period. Earnings available for fixed charges is calculated by adding pre-tax income from continuing operations and fixed charges. Fixed charges are the sum of interest expense, including the amount amortized for debt financing costs, and an estimate of the amount of interest within the Company’s rental expense. The ratios presented reflect the results of continuing operations as of June 30, 2005.