EX-12 6 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, 2013, 2012, 2011, 2010 and 2009 are as follows:

 

 

Year Ended December 31,

2013 

2012 

2011 

2010 

2009 

Earnings:

Pretax income from continuing operations

$

54,503 

$

50,105 

$

54,789 

$

46,335 

$

81,702 

Fixed charges

44,789 

45,901 

44,147 

46,973 

45,811 

Capitalized interest

-   

-   

-   

(1,269)

(3,452)

Total earnings - Numerator

$

99,292 

$

96,006 

$

98,936 

$

92,039 

$

124,061 

Fixed charges:

Interest and debt expense

$

44,540 

$

45,652 

$

43,898 

$

45,455 

$

42,110 

1/3 of rent expense - interest factor

249 

249 

249 

249 

249 

Capitalized interest

-   

-   

-   

1,269 

3,452 

Total fixed charges - Denominator

$

44,789 

$

45,901 

$

44,147 

$

46,973 

$

45,811 

Ratio of earnings to fixed charges

2.22 

2.09 

2.24 

1.96 

2.71 

 

 

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.