EX-12.1 20 a09-21597_1ex12d1.htm EX-12.1

Exhibit 12.1

 

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

 

 

 

Year Ended
December 31,

 

Six Months Ended
June 30,

 

 

 

2004

 

2005

 

2006

 

2007

 

2008

 

2009

 

 

 

(dollars in thousands)

 

Income before income tax expense

 

99,529

 

95,300

 

73,955

 

38,701

 

(54,063

)

4,274

 

Equity in losses of equity-method investees

 

615

 

42

 

(1,721

)

(1,042

)

(448

)

19

 

Net income before equity in losses of equity-method investees

 

100,144

 

95,342

 

72,234

 

37,659

 

(54,511

)

4,293

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense including amortization of debt issuance costs

 

31,184

 

37,272

 

54,843

 

70,772

 

78,071

 

40,204

 

Estimate of interest within rental expense

 

5,116

 

4,208

 

4,755

 

4,699

 

6,885

 

3,157

 

 

 

36,300

 

41,480

 

59,598

 

75,471

 

84,956

 

43,361

 

Adjusted earnings

 

136,444

 

136,822

 

131,832

 

113,130

 

30,445

 

47,654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (1)

 

3.8

x

3.3

x

2.2

x

1.5

x

0.4

x

1.1

x

 


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