EX-12.1 25 d356989dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratio of earnings to fixed charges for each of the periods shown on a consolidated basis. For purposes of determining the ratio of earnings to fixed charges, earnings are defined as earnings (loss) from continuing operations before income taxes, plus fixed charges. Fixed charges consist of interest expense on all indebtedness, amortization of debt discount, amortization of deferred financing costs and an interest factor attributable to operating leases.

 

     Fiscal Years Ended December 31,     Three Months
Ended  March 31,
2012
 
     2007     2008     2009     2010     2011    

Earnings

            

Income from continuing operations before provision for income taxes

   $ 111,858      $ 366,287      $ 447,662      $ 518,894      $ 473,547      $ 145,537   

Income from equity investees

     (25,136     (42,073     (36,531     (45,443     (49,491     (12,013

Distributed income from equity investees

     19,902        32,897        33,705        33,882        39,995        2,941   

Interest and amortization of deferred finance costs

     356,488        643,397        643,608        647,593        644,410        152,175   

Amortization of capitalized interest

     881        1,468        2,021        2,421        2,882        3,285   

Implicit rental interest expense

     36,696        55,440        59,384        62,116        63,695        16,806   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Earnings

   $ 500,689      $ 1,057,416      $ 1,149,849      $ 1,219,463      $ 1,175,038      $ 308,731   

Fixed Charges

            

Interest and amortization of deferred finance costs

   $ 356,488      $ 643,397      $ 643,608      $ 647,593      $ 644,410      $ 152,175   

Capitalized interest

     19,009        22,087        16,649        11,316        20,998        7,199   

Implicit rental interest expense

     36,696        55,440        59,384        62,116        63,695        16,806   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

   $ 412,193      $ 720,924      $ 719,641      $ 721,025      $ 729,103      $ 176,180   

Ratio of earnings to fixed charges

     1.21     1.47     1.60     1.69     1.61     1.75