EX-12.1 5 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES. Computation of ratio of earnings to fixed charges.

Exhibit 12.1

 

Ratio of Earnings to Fixed Charges

(Dollars in thousands)

 

     Years ended December 31,

 
     2004

    2003

    2002

    2001

    2000

 

Interest expense and amortization of debt expense and premium

   $ 41,407     $ 20,400     $ 23,974     $ 12,472     $ 4,856  

Capitalized interest

     398       403       603       432       284  

Interest in rent expense

     3,894       2,805       2,937       1,666       922  
    


 


 


 


 


Total Fixed Charges

   $ 45,699     $ 23,608     $ 27,514     $ 14,570     $ 6,062  

Income before taxes and minority interest

   $ 127,443     $ 116,965     $ 101,235     $ 77,744     $ 52,161  

Plus:

                                        

Fixed charges

     45,699       23,608       27,514       14,570       6,062  

Amortization of Capital Interest

     275       246       204       161       131  

Distributed income from equity invest.

     5,626       4,570       4,670       6,350       4,132  

Less:

                                        

Capital Interest

     (398 )     (403 )     (603 )     (432 )     (284 )

Income in earnings from affiliates

     (15,115 )     (28,632 )     (21,520 )     6,195       (3,011 )

Min int. in pre-tax income of subs’ that have not incurred fixed charges

     (4 )     (30 )     (143 )     (3,889 )     (287 )
    


 


 


 


 


Income as adjusted

   $ 163,526     $ 116,324     $ 111,357     $ 100,699     $ 58,904  
    


 


 


 


 


Ratio of earnings to fixed charges

     3.6       4.9       4.0       6.9       9.7