EX-12 4 c16644a1exv12.htm RATIO OF EARNINGS TO FIXED CHARGES exv12
 

Exhibit 12
Ratio of Earnings To Fixed Charges
          The following table shows our ratio of earnings to fixed charges for each of the periods indicated (dollars in thousands):
                                                 
    Six Months Ended    
    June 30,   Year Ended December 31,
    2007   2006   2005   2004   2003   2002
 
                                               
Interest expense
  $ 15,976     $ 28,419     $ 13,011     $ 11,186     $ 12,848     $ 21,539  
Estimate of interest expense included in rental expense
    1,248       2,296       2,064       1,696       1,456       1,184  
FIN 48 interest expense booked to income tax expense
          295       59       460              
Total fixed charges
    17,224       31,010       15,134       13,342       14,304       22,723  
 
                                               
Income before income taxes
  $ 100,126     $ 172,574     $ 111,980     $ 128,564     $ 108,729     $ 75,577  
Total fixed charges
    17,224       31,010       15,134       13,342       14,304       22,723  
Earnings
    117,350       203,584       127,114       141,906       123,033       98,300  
 
                                               
Ratio of earnings to fixed charges(1)
    6.81       6.57       8.40       10.64       8.60       4.33  
 
(1)   For the purpose of calculating the ratio of earnings to fixed charges, earnings consist of income before income taxes plus fixed charges. Fixed charges consist of (i) interest on all indebtedness (including capital leases) and amortization of debt discount and deferred financing fees, (ii) the interest factor attributable to rentals and (iii) interest on liabilities associated with Financial Accounting Standards Board Interpretation No. 48 (“FIN 48”), Accounting for Uncertainty in Income Taxes.