EX-12.1 7 g13852exv12w1.htm EX-12.1: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX-12.1
Exhibit 12.1
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
                                                 
                                            Nine Months Ended  
    Year Ended December 31,     September 30,  
    2003     2004     2005     2006     2007     2008  
Earnings
                                               
Income from continuing operations before provision for income taxes and extraordinary item
  $ 216,454     $ 259,749     $ 308,174     $ 287,847     $ 102,900     $ 248,245  
Minority interest in the income of subsidiaries with fixed charges (1)
                            15,996     28,359
Income from equity investees (2)
                            (25,132 )     (32,083 )
Distributed income from equity investees
                            19,902       12,876  
Interest and amortization of deferred finance costs
    63,692       69,736       87,185       94,411       364,533       487,848  
Amortization of capitalized interest
    370       433       494       567       881       1,046  
Implicit rental interest expense
    15,099       18,041       20,564       22,986       38,892       44,295  
 
                                   
 
                                               
Total Earnings
  $ 295,615     $ 347,959     $ 416,417     $ 405,811     $ 517,972     $ 790,586  
 
                                               
Fixed Charges
                                               
Interest and amortization of deferred finance costs
  $ 63,692     $ 69,736     $ 87,185     $ 94,411     $ 364,533     $ 487,848  
Capitalized interest
    2,300       2,131       2,144       2,955       19,009       16,966  
Implicit rental interest expense
    15,099       18,041       20,564       22,986       38,892       44,295  
 
                                   
 
                                               
Total fixed charges
  $ 81,091     $ 89,908     $ 109,893     $ 120,352     $ 422,434     $ 549,109  
 
                                               
Ratio of earnings to fixed charges
    3.65 x     3.87 x     3.79 x     3.37 x     1.23 x     1.44 x
 
(1)   The Company recognized an immaterial amount of minority interest in income from consolidated subsidiaries prior to 2007.
(2)   The Company recognized an immaterial amount of income from equity investees prior to 2007.