EX-12 2 ex12.htm EXHIBIT - 12 ex12.htm
Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth the consolidated ratio of earnings to fixed charges on an historical basis for the three months ended March 31, 2008 and the years ended December 31, 2007, 2006, 2005 and 2004.

For the purpose of calculating such ratios, “earnings” consist of pre-tax income from continuing operations before income or loss from equity investees, adjusted to reflect distributed income from equity investments, and fixed charges, less capitalized interest.  “Fixed charges” consist of interest costs, amortization of debt discount, premiums and issuance costs and an estimate of interest implicit in rentals.  No adjustment has been made to earnings for the amortization of capital interest for the periods presented as such amount is immaterial.  Interest on FIN 48 liabilities is excluded from the computation of fixed charges as it is recorded by the Company in income tax expense versus interest expense.

   
3 Months Ended
    
Year Ended December 31,
  
   
March 31, 2008
    
2007
    
2006
    
2005
    
2004
  
   
(In thousands)
  
FIXED CHARGES:
                              
Interest Expense
   $ 21,422     $ 83,748     $ 63,322     $ 49,578     $ 52,435  
Net amortization of debt discount, premium and
                                        
issuance expense
     (357 )     (1,197 )     (1,333 )     (1,293 )     (4,006 )
Capitalized Interest
     4,644       14,203       4,645       8,838       4,812  
Interest portion of rental expense
     882       3,582       3,780       4,284       4,453  
                                         
Total Fixed Charges
   $ 26,591     $ 100,336     $ 70,414     $ 61,407     $ 57,694  
                                         
EARNINGS:
                                        
Consolidated pre-tax income (loss) from continuing
                                        
operations
   $ 79,095     $ 246,742     $ 225,794     $ 166,189     $ 143,989  
Earnings of equity investments
     (74 )     (299 )     (172 )     (226 )     (216 )
Distributed income from equity investments
     -       -       174       203       174  
Capitalized interest
     (4,644 )     (14,203 )     (4,645 )     (8,838 )     (4,812 )
SFAS 145 Adjustment
     -       -       -       -       -  
Minority interest
     -       -       -       -       -  
Total fixed charges (from above)
     26,591       100,336       70,414       61,407       57,694  
                                         
Earnings Available for Fixed Charges
   $ 100,968     $ 332,576     $ 291,565     $ 218,735     $ 196,829  
                                         
                                         
Ratio of Earnings to Fixed Charges
     3.8       3.3       4.1       3.6       3.4