EX-12 2 d300397dex12.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Computation of Ratios of Earnings to Fixed Charges

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands)

 

     Years Ended
December 31,
 
      2007      2008      2009      2010      2011  

EARNINGS:

              

Income from continuing operations before income tax expense

   $ 118,980      $ 83,464      $ 165,895      $ 249,024      $ 183,158  

Add: Fixed charges

     11,839        9,431        6,510        6,276        6,586  
  

 

 

 

Earnings as defined

   $ 130,819      $ 92,895      $ 172,405      $ 255,300      $ 189,744  
  

 

 

 

FIXED CHARGES:

              

Interest expense

   $ 8,495      $ 6,008      $ 4,228      $ 4,236      $ 4,668  

Amortization of deferred financing fees

     1,523        666                          
  

 

 

 

Interest expense as reported

     10,018        6,674        4,228        4,236        4,668  

Portion of rent expense as interest

     1,821        2,757        2,282        2,040        1,918  
  

 

 

 

Fixed charges as defined

   $ 11,839      $ 9,431      $ 6,510      $ 6,276      $ 6,586  
  

 

 

 

Ratio of earnings to fixed charges

     11.1x         9.9x         26.5x         40.7x         28.8x   

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.