EX-12 3 c12786exv12.txt RATIO OF EARNINGS TO FIXED CHARGES . . . Exhibit 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($'s in 000's)
YEARS ENDED DECEMBER 31 2006 2005 2004 2003 2002 ------------- ------------ ------------- ------------- ------------ FIXED CHARGES: Interest charges (per I/S) $ 16,353 $ 14,370 $ 14,764 $ 14,036 $ 16,319 Less: net amortization of debt discount and premium and issuance expenses 456 686 580 580 580 ------------- ------------ ------------- ------------- ------------ Adjusted interest charges 15,897 13,684 14,184 13,456 15,739 Add: Net amortization of debt discount and premium and issuance expense 456 686 580 580 580 Interest portion of rental charges 552 542 555 556 510 ------------- ------------ ------------- ------------- ------------ TOTAL FIXED CHARGES $ 16,905 $ 14,912 $ 15,319 $ 14,592 $ 16,829 ============= ============ ============= ============= ============ EARNINGS: Pre-tax earnings $ 201,893 $ 167,219 $ 133,846 $ 100,402 $ 87,457 Interest charges 15,897 13,684 14,184 13,456 15,739 Net amortization of debt discount and premium and issuance expense 456 686 580 580 580 Interest portion of rental charges 552 542 555 556 510 ------------- ------------ ------------- ------------- ------------ TOTAL EARNINGS $ 218,798 $ 182,131 $ 149,165 $ 114,994 $ 104,286 ============= ============ ============= ============= ============ RATIO OF EARNINGS TO FIXED CHARGES 12.9 12.2 9.7 7.9 6.2
Note: Currently amortization of debt discount and premium and issuance expenses are recorded and included within the interest expense line item. The above analysis starts with interest expense per the income statement and then subtracts the amortization figure in order to get to a "true" interest expense amount.