EX-12.1 7 dex121.txt CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (In thousands, except for ratio data)
Six months ended Year ended December 31, June 30, ----------------------------------------------------- -------------------- 1998 1999 2000 2001 2002 2002 2003 --------- --------- --------- --------- --------- --------- --------- Income before income taxes $ 193,684 $ 233,685 $ 300,035 $ 347,028 $ 436,290 $ 215,996 $ 250,206 Add fixed charges: Gross interest expense 21,330 25,111 28,823 20,159 17,758 8,898 10,074 Amortization of debt discount - - - - - - 5 Estimated interest component of rental expense (1) 24,033 26,180 27,664 28,990 33,200 15,777 17,178 ----------------------------------------------------- -------------------- Total fixed charges 45,363 51,291 56,487 49,149 50,958 24,675 27,257 Total adjusted earnings $ 239,047 $ 284,976 $ 356,522 $ 396,177 $ 487,248 $ 240,671 $ 277,463 ----------------------------------------------------- -------------------- Ratio of earnings to fixed charges 5.27 5.56 6.31 8.06 9.56 9.75 10.18 ----------------------------------------------------- --------------------
(1) Interest component estimated to be 1/3 of rental expense.