EX-12 4 exhibit12.htm EXHIBIT 12 exhibit12.htm - Generated by SEC Publisher for SEC Filing

 

 

EXHIBIT 12

COMPUTATION OF RATIOS

(UNAUDITED)

 

 

Our consolidated ratios of earnings to fixed charges for each of the fiscal years ended December 31, 2012, 2011, 2010, 2009 and 2008 are as follows:

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 

2012 

 

2011 

 

2010 

 

2009 

 

2008 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

50,105 

 

$

54,789 

 

$

46,335 

 

$

81,702 

 

$

65,099 

 

Fixed charges

 

 

45,901 

 

 

44,147 

 

 

46,973 

 

 

45,811 

 

 

57,437 

 

Capitalized interest

 

 

- 

 

 

- 

 

 

(1,269)

 

 

(3,452)

 

 

(10,584)

 

 

Total earnings - Numerator

 

$

96,006 

 

$

98,936 

 

$

92,039 

 

$

124,061 

 

$

111,952 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense

 

$

45,652 

 

$

43,898 

 

$

45,455 

 

$

42,110 

 

$

46,604 

 

1/3 of rent expense - interest factor

 

 

249 

 

 

249 

 

 

249 

 

 

249 

 

 

249 

 

Capitalized interest

 

 

- 

 

 

- 

 

 

1,269 

 

 

3,452 

 

 

10,584 

 

 

Total fixed charges - Denominator

 

$

45,901 

 

$

44,147 

 

$

46,973 

 

$

45,811 

 

$

57,437 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

2.09 

 

 

2.24 

 

 

1.96 

 

 

2.71 

 

 

1.95 

 

 

Earnings equals (i) income from continuing operations before income taxes, plus (ii) fixed charges, minus (iii) capitalized interest.  Fixed charges equals (i) interest and debt expense, plus (ii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals and (iii) capitalized interest.