EX-12.1 2 ex12_1.htm RATIO OF FIXED CHARGES TO EARNINGS ex12_1.htm

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios)

 
Nine Months Ended September 30, 2008
Year Ended December 31
2007
2006
2005
  2004
2003
Income before taxes
$232,459
$210,631
$176,387
$162,859
$89,518
$36,968
Interest expense
$16,444
$17,287
$10,247
$6,048
$2,067
$1,414
Capitalized interest
$15,461
$18,104
$ 9,339
-
-
-
Earnings
                  $248,903
$227,918
$186,634
$168,907
$91,585
$38,382
Ratio of earnings to fixed charges
                  7.8
6.4
9.5
27.9
44.3
27.1
For purposes of this table, “earnings” consists of income before income taxes plus fixed charges and less capitalized interest.  “Fixed charges” consists of interest expense and capitalized interest.