EX-12.1 3 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(In thousands, except ratios)

 

     Nine Months Ended
September 30, 2007
   Years Ended December 31,
      2006    2005    2004    2003    2002

EARNINGS AVAILABLE TO COVER FIXED CHARGES:

                 

Income (loss) from continuing operations before income taxes and minority interests

   269,677    339,843    343,066    440,403    371,264    305,662

Add:

                 

Fixed charges deducted from earnings (see below)

   31,064    29,007    29,721    32,914    32,204    27,791

Earnings available to cover fixed charges

   300,741    368,850    372,787    473,317    403,468    333,453

FIXED CHARGES:

                 

Interest expense, including amounts in operating expense

   15,274    8,982    11,694    16,270    16,649    13,350

Amortized indebtedness

   321    953    738    785    782    815

Interest within rent expense

   15,469    19,072    17,289    15,859    14,773    13,626

Fixed charges

   31,064    29,007    29,721    32,914    32,204    27,791

RATIO OF EARNINGS TO FIXED CHARGES(1)

   9.68    12.72    12.54    14.38    12.53    12.00

(1) The ratio of earnings to fixed charges represents the number of times “fixed charges” are covered by “earnings.” “Fixed charges” consist of interest on outstanding debt and amortization of debt discount and expense, adjusted for capitalized interest and 40% (the proportion deemed representative of the interest factor) of operating lease expense. “Earnings” consist of consolidated net income from continuing operations before income taxes and fixed charges.