Attached files
EXHIBIT 12
COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||
Earnings from continuing operations before income taxes
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$ | 151,134 | $ | 431,084 | $ | 263,891 | $ | 233,442 | $ | 175,860 | ||||||||||
Add:
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Interest on indebtedness
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35,347 | 47,011 | 33,311 | 29,227 | 36,234 | |||||||||||||||
Amortization of debt expense
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973 | 1,070 | 796 | 704 | 939 | |||||||||||||||
Portion of rents representative of the interest factor
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10,191 | 10,823 | 8,578 | 7,735 | 7,392 | |||||||||||||||
Deduct:
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Undistributed earnings from less-than-50-percent-owned entities
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(132 | ) | (66 | ) | 427 | (61 | ) | (631 | ) | |||||||||||
Earnings (as defined)
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$ | 197,513 | $ | 489,922 | $ | 307,003 | $ | 271,047 | $ | 219,794 | ||||||||||
Fixed charges:
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Interest on indebtedness
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$ | 35,347 | $ | 47,011 | $ | 33,311 | $ | 29,227 | $ | 36,234 | ||||||||||
Amortization of debt expense
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973 | 1,070 | 796 | 704 | 939 | |||||||||||||||
Portion of rents representative of the interest factor
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10,191 | 10,823 | 8,578 | 7,735 | 7,392 | |||||||||||||||
Total fixed charges
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$ | 46,511 | $ | 58,904 | $ | 42,685 | $ | 37,666 | $ | 44,565 | ||||||||||
Ratio of earnings to fixed charges
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4.2 | x | 8.3 | x | 7.2 | x | 7.2 | x | 4.9x | |||||||||||