EX-12.1 3 g21253exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends
     For the purpose of calculating the ratio of earnings to combined fixed charges and preferred stock dividends, earnings are defined as earnings from continuing operations before income taxes less net income attributable to noncontrolling interest plus fixed charges, less preferred stock dividends. Fixed charges means the sum of the following: (a) interest expensed and capitalized, (b) amortized premiums, discounts and capitalized expenses related to indebtedness, and (c) an estimate of the interest within rental expense. For the purpose of calculating the ratio above, preferred stock dividends are divided by 100% minus the effective income tax rate.
                                                 
    Nine Months     Year Ended December 31,
    Ended
September 30,
                               
    2009     2008     2007     2006     2005     2004  
Earnings:
                                               
Income from continuing operations before income taxes
  $ 145,806     $ 168,464     $ 122,022     $ 97,444     $ 41,742     $ 27,769  
Less: Net income attributable to noncontrolling interest
    (338 )     (604 )     (285 )                  
Fixed charges, less preferred stock dividends
    57,250       81,404       78,885       43,155       28,845       19,778  
 
                                   
Total earnings
    202,718       249,264       200,622       140,599       70,587       47,547  
 
                                               
Fixed charges:
                                               
Interest expense, including amortized premuims, discounts and capitalized expenses related to indebtedness
    53,432       76,210       74,116       39,968       26,169       17,817  
Interest component of rental expense
    3,818       5,194       4,769       3,187       2,676       1,961  
Preferred stock dividends
                                  1,069  
 
                                   
Combined fixed charges and preferred stock dividends
  $ 57,250     $ 81,404     $ 78,885     $ 43,155     $ 28,845     $ 20,847  
 
                                               
Ratio of earnings to combined fixed charges and preferred stock dividends
    3.54 x     3.06 x     2.54 x     3.26 x     2.45 x     2.28 x