EX-12.1 3 a09-13554_1ex12d1.htm EX-12.1

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands, except ratios)

 

 

 

Three months

 

 

 

 

 

 

 

 

 

 

 

 

 

ended

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

Year ended,

 

 

 

2009

 

12/31/08

 

12/31/07

 

12/31/06

 

12/31/05

 

12/31/04

 

Pre-tax income from continuing operations

 

$

63,241

 

$

192,084

 

$

206,344

 

$

159,906

 

$

150,289

 

$

89,518

 

Interest expense

 

10,865

 

26,209

 

17,287

 

10,247

 

6,048

 

2,067

 

Capitalized interest

 

5,312

 

23,209

 

18,104

 

9,339

 

—

 

—

 

Earnings

 

$

74,106

 

$

218,293

 

$

233,631

 

$

170,153

 

$

156,337

 

$

91,585

 

Ratio of earnings to fixed charges

 

4.6

 

4.4

 

6.3

 

8.7

 

25.8

 

44.3

 

 

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

 

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