EX-12.1 2 a2202344zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands, except ratios)

 

 

 

12/31/10

 

12/31/09

 

12/31/08

 

12/31/07

 

12/31/06

 

Pre-tax income from continuing operations

 

$

136,492

 

$

67,888

 

$

190,193

 

$

195,616

 

$

158,191

 

Interest expense

 

66,541

 

50,738

 

26,209

 

17,287

 

10,247

 

Capitalized interest

 

28,321

 

30,107

 

23,209

 

18,104

 

9,339

 

Earnings

 

$

203,033

 

$

118,626

 

$

216,402

 

$

212,903

 

$

168,438

 

Ratio of earnings to fixed charges

 

2.1

x

1.5

x

4.4

x

6.0

x

8.6

x

 

For purposes of this table, “earnings” consists of income before income taxes from continuing operations plus fixed charges (excluding capitalized interest).  “Fixed charges” consists of interest expense and capitalized interest (for both continuing and discontinued operations).