EX-12.1 8 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:


   
2008
    
2007
    
2006
    
2005
    
2004
  
                               
Earnings:
                              
Income from continuing operations before provision for income taxes
   $ 587,114     $ 745,465     $ 352,816     $ 214,410     $ 103,120  
                                         
Equity in undistributed earnings (losses) of affiliates
     (1,831 )     377       3,382       253       4,885  
                                         
Interest expense
     7,380       22,520       24,629       31,820       36,066  
                                         
Portion of rents representative of the interest factor
     25,248       22,292       17,318       11,019       16,317  
                                         
    $ 617,911     $ 790,654     $ 398,145     $ 257,502     $ 160,388  
Fixed charges:
                                        
Interest expense, including amount capitalized
   $ 15,279     $ 28,478     $ 27,689     $ 33,721     $ 37,039  
                                         
Portion of rents representative of the interest factor
     25,248       22,292       17,318       11,019       16,317  
                                         
    $ 40,527     $ 50,770     $ 45,007     $ 44,740     $ 53,356  
                                         
Ratio of earnings to fixed charges
     15.25 x     15.57 x     8.85 x     5.76 x     3.01 x