EX-12 4 p18666exv12.htm EX-12 exv12
Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
                                         
    Years Ended  
    December 31,  
    2006     2007     2008     2009     2010  
 
EARNINGS:
                                        
Income (loss) before income tax expense
   $ (72,722 )   $ 118,980     $ 42,406     $ 135,590     $ 206,828  
Add: Fixed charges
     12,133       11,839       9,546       6,694       6,446  
     
Earnings as defined
   $ (60,589 )   $ 130,819     $ 51,952     $ 142,284     $ 213,274  
     
 
                                        
FIXED CHARGES:
                                        
Interest expense
   $ 8,488     $ 8,495     $ 6,008     $ 4,228     $ 4,236  
Amortization of deferred financing fees
     2,152       1,523       666       —       —  
     
Interest expense as reported
     10,640       10,018       6,674       4,228       4,236  
Portion of rent expense as interest
     1,493       1,821       2,872       2,466       2,210  
     
Fixed charges as defined
   $ 12,133     $ 11,839     $ 9,546     $ 6,694     $ 6,446  
     
 
                                        
Ratio of earnings to fixed charges
     (5.0)x       11.1x       5.4x       21.3x       33.1x  
     For purposes of computing the ratios of earnings to fixed charges, earnings represent pretax income from continuing operations plus fixed charges. Fixed charges represent interest expense and the portion of rents representative of interest related to continuing operations.