EX-12 2 d53272exv12.htm STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12
 

 
EXHIBIT 12
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
                                         
    Years Ended December 31,  
(In thousands)   2007     2006     2005     2004     2003  
 
Earnings before income taxes
  $ 263,891     $ 233,442     $ 175,860     $ 127,830     $ 47,745  
Add:
                                       
Interest on indebtedness
    33,311       29,227       36,234       34,227       39,324  
Amortization of debt expense
    796       704       939       1,098       1,741  
Portion of rents representative of the interest factor
    8,578       7,735       7,392       7,089       7,807  
Deduct:
                                       
Undistributed earnings from less-than-50-percent-owned entities
    427       (61 )     (631 )     (1,055 )     (1,777 )
                                         
Earnings (as defined)
  $ 307,003     $ 271,047     $ 219,794     $ 169,189     $ 94,840  
                                         
Fixed charges:
                                       
Interest on indebtedness
    33,311       29,227       36,234       34,227       39,324  
Amortization of debt expense
    796       704       939       1,098       1,741  
Portion of rents representative of the interest factor
    8,578       7,735       7,392       7,089       7,807  
                                         
Total fixed charges
  $ 42,685     $ 37,666     $ 44,565     $ 42,414     $ 48,872  
                                         
Ratio of earnings to fixed charges
    7.2 x     7.2 x     4.9 x     4.0 x     1.9 x