EX-12.1 8 v160036_ex12-1.htm
Exhibit 12.1
Statement Regarding Computation of Ratio
Ratio of Earnings to Fixed Charges
(Thousands of Dollars)

   
Six Months Ended
June 30,
   
Twelve Months Ended December 31,
 
   
2009
   
2008
   
2007
   
2006
   
2005
   
2004
 
Earnings:
                                   
Income before income taxes, income from affiliates and joint ventures and discountinued operations
  $ 14,667     $ 61,943     $ 65,273     $ 54,668     $ 45,023     $ 35,072  
Fixed charges, as below
    7,519       16,412       10,627       4,127       2,369       1,478  
Distributed income of equity investees
    177       812       1,160       584       430       336  
Interest capitalized
    -       (909 )     -       -       -       -  
Total earnings
    22,363       78,258       77,060       59,379       47,822       36,886  
                                                 
Fixed charges:
                                               
Interest expensed and capitalized
  $ 6,683     $ 13,435     $ 9,454     $ 3,396     $ 1,791     $ 996  
Rental interest factor
    836       2,977       1,173       731       578       482  
Total fixed charges
    7,519       16,412       10,627       4,127       2,369       1,478  
                                                 
Ratio of earnings to fixed charges
    3.0       4.8       7.3       14.4       20.2       25.0