EX-12.1 7 ex12_1.htm RATIO OF EARNINGS TO FIXED CHARGES ex12_1.htm


EXHIBIT 12.1
 

RATIO OF EARNINGS TO FIXED CHARGES

Our ratio of earnings to fixed charges is as follows:


   
2007
    
2006
    
2005
    
2004
    
2003
  
                               
Earnings:
                              
Income (loss) from continuing operations before provision for income taxes and cumulative effect of accounting change
   $ 745,465     $ 352,816     $ 214,410     $ 103,120     $ (63,434 )
                                         
Minority interest
     -       -       -       -       (2,893 )
                                         
Equity in undistributed earnings (losses) of affiliates
     377       3,382       253       4,885       (706 )
                                         
Interest expense
     22,520       24,629       31,820       36,066       18,993  
                                         
Portion of rents representative of the interest factor
     22,292       17,318       11,019       16,317       15,810  
                                         
    $ 790,654     $ 398,145     $ 257,502     $ 160,388     $ (32,230 )
Fixed charges:
                                        
Interest expense, including amount capitalized
     28,478     $ 27,689     $ 33,721     $ 37,039     $ 20,591  
                                         
Portion of rents representative of the interest factor
     22,292       17,318       11,019       16,317       15,810  
                                         
    $ 50,770     $ 45,007     $ 44,740     $ 53,356     $ 36,401  
                                         
Ratio of earnings to fixed charges
     15.57 x     8.85 x     5.76 x     3.01 x     -  

Earnings were inadequate to cover fixed charges for the year ended December 31, 2003 by $68,631.