EX-12.1 5 g04534exv12w1.htm EX-12.1 COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS Ex-12.1
 

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 plus fixed charges. Fixed charges are defined as interest expensed, plus amortized premiums, discounts and capitalized expenses related to indebtedness, plus an estimate of the interest within rental expense. Preferred stock dividends are divided by 100% minus the effective income tax rate.
                                                 
    Nine Months        
    Ended September 30,     Year Ended December 31,  
    2006     2005     2004     2003     2002     2001  
Earnings:
                                               
Income (loss) from continuing operations before income taxes
  $ 70,705     $ 43,703     $ 26,539     $ 8,190     $ 4,677     $ 990  
Fixed charges, less preferred stock dividends
    31,018       29,919       22,252       17,083       5,782       2,742  
 
                                   
Total earnings
    101,723       73,622       48,791       25,273       10,459       3,732  
 
                                               
Fixed charges:
                                               
Interest expense, including amortized premuims, discounts and capitalized expenses related to indebtedness
    28,537       27,056       18,964       14,778       5,564       2,660  
Interest component of rental expense
    2,481       2,863       2,219       997       218       82  
Preferred stock dividends
                1,069       1,308              
 
                                   
Combined fixed charges and preferred stock dividends
  $ 31,018     $ 29,919     $ 22,252     $ 17,083     $ 5,782     $ 2,742  
 
                                               
Ratio of historical earnings to fixed charges and preferred stock dividends
    3.28 x     2.46 x     2.19 x     1.48 x     1.81 x     1.36 x