EX-12 3 y50985exv12.htm EX-12: STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX-12
 

EXHIBIT 12
 
Statement Regarding Computation of
Ratio of Earnings to Fixed Charges
 
                                         
    For the Year Ended December 31,  
    2007     2006     2005     2004     2003  
    (Dollar amounts in thousands)  
 
Earnings from continuing operations before provision for income taxes
  $ 887,604     $ 809,493     $ 588,436     $ 477,612     $ 339,381  
                                         
Add Fixed Charges:
                                       
Interest expense
    112,293       92,935       81,684       67,582       67,878  
Rent expense (interest portion)
    23,623       18,026       17,520       11,375       11,217  
                                         
Total fixed charges
    135,915       110,961       99,204       78,957       79,095  
                                         
Earnings as adjusted
  $ 1,023,519     $ 920,453     $ 687,640     $ 556,569     $ 418,476  
                                         
Ratio of earnings to fixed charges
    7.53       8.30       6.93       7.05       5.29  
                                         
 
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 reflect the sum of interest expense, the amount amortized for debt financing costs, and an estimate of the amount of interest within the Company’s rental expense. All interest expense for the Company is classified within continuing operations.