EX-12.1 2 a2203030zex-12_1.htm EX-12.1
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Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)

 
   Year Ended December 31,  
 
   2010   2009   2008   2007   2006  

EARNINGS:

                                
 

Net income (loss)

   $ 103,500   $ 137,061   $ (75,140 ) $ 97,114   $ 41,536  
 

Provisions for income taxes

     55,968     68,079     55,290     57,281     28,153  
 

Interest expense

     10,564     7,501     4,163     1,947     3,771  
 

Amortization of deferred financing costs

     1,745     410     316     253     185  
 

Interest portion of operating leases

     3,480     4,356     3,464     2,472     2,373  
                       
 

Earnings for ratio calculation

   $ 175,257   $ 217,407   $ (11,907 ) $ 159,067   $ 76,018  
                       

FIXED CHARGES:

                                
 

Interest expense

   $ 10,564   $ 7,501   $ 4,163   $ 1,947   $ 3,771  
 

Amortization of deferred financing costs

     1,745     410     316     253     185  
 

Interest portion of operating leases

     3,480     4,356     3,464     2,472     2,373  
                       
 

Total fixed charges

   $ 15,789   $ 12,267   $ 7,943   $ 4,672   $ 6,329  
                       

RATIO OF EARNINGS TO FIXED CHARGES

     11.10     17.72     (1.50 )   34.04     12.01  
                       

DOLLAR AMOUNT OF COVERAGE DEFICIENCY

               $ 3,963              
                               

    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.



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