EX-12 3 c23660exv12.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 2007 2006 2005 2004 2003 -------- -------- -------- -------- -------- FIXED CHARGES: Interest charges (per I/S) $ 23,353 $ 16,353 $ 14,370 $ 14,764 $ 14,036 Less: net amortization of debt discount and premium and issuance expenses 460 456 686 580 580 -------- -------- -------- -------- -------- Adjusted interest charges 22,893 15,897 13,684 14,184 13,456 Add: Net amortization of debt discount and premium and issuance expense 460 456 686 580 580 Interest portion of rental charges 686 552 542 555 556 -------- -------- -------- -------- -------- TOTAL FIXED CHARGES $ 24,039 $ 16,905 $ 14,912 $ 15,319 $ 14,592 ======== ======== ======== ======== ======== EARNINGS: Pre-tax earnings $235,164 $201,893 $167,219 $133,846 $100,402 Interest charges 22,893 15,897 13,684 14,184 13,456 Net amortization of debt discount and premium and issuance expense 460 456 686 580 580 Interest portion of rental charges 686 552 542 555 556 -------- -------- -------- -------- -------- TOTAL EARNINGS $259,203 $218,798 $182,131 $149,165 $114,994 ======== ======== ======== ======== ======== RATIO OF EARNINGS TO FIXED CHARGES 10.8 12.9 12.2 9.7 7.9
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.