EX-12 2 a07-5319_1ex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES.

Exhibit 12

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

 

 

December 31,

 

 

 

2002

 

2003

 

2004

 

2005

 

2006

 

Income before income tax expense

 

$

11,923

 

79,772

 

99.671

 

106,024

 

85,405

 

Equity in losses of equity-method investees

 

347

 

618

 

615

 

42

 

(1,721

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income before equity in losses of equity-method investees

 

12,270

 

80,390

 

300,376

 

106,066

 

83,684

 

 

 

 

 

 

 

 

 

 

 

 

 

Add fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense including amortization of debt issuance costs

 

44,842

 

26,397

 

30,952

 

26,548

 

43,393

 

Estimate of interest within rental expense

 

3,723

 

4,071

 

5,116

 

4,208

 

4,755

 

 

 

48,565

 

30,468

 

36,068

 

30,756

 

48,148

 

Adjusted earnings

 

60,835

 

110,858

 

136,444

 

136,822

 

131,832

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (1)

 

1.3

 

3.6

 

3.8

 

4.4

 

2.7

 


(1) The ratio of earnings to fixed charges is computed by dividing adjusted earnings by fixed charges.