Attached files
Exhibit 12
COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES
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Six Months |
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Ended |
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June 30, |
Years Ended December 31, | |||||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
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(In thousands)
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Earnings from continuing operations before income taxes
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$ | 88,408 | $ | 151,134 | $ | 431,084 | $ | 263,891 | $ | 233,442 | $ | 175,860 | ||||||||||||
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Add:
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Interest on indebtedness
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18,062 | 35,347 | 47,011 | 33,311 | 29,227 | 36,234 | ||||||||||||||||||
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Amortization of debt expense
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517 | 973 | 1,070 | 796 | 704 | 939 | ||||||||||||||||||
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Portion of rents representative of the interest factor
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4,799 | 10,191 | 10,823 | 8,578 | 7,735 | 7,392 | ||||||||||||||||||
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Deduct:
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Undistributed earnings from less-than-50-percent-owned entities
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(51 | ) | (132 | ) | (66 | ) | 427 | (61 | ) | (631 | ) | |||||||||||||
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Earnings (as defined)
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$ | 111,735 | $ | 197,513 | $ | 489,922 | $ | 307,003 | $ | 271,047 | $ | 219,794 | ||||||||||||
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Fixed charges:
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Interest on indebtedness
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$ | 18,062 | $ | 35,347 | $ | 47,011 | $ | 33,311 | $ | 29,227 | $ | 36,234 | ||||||||||||
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Amortization of debt expense
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517 | 973 | 1,070 | 796 | 704 | 939 | ||||||||||||||||||
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Portion of rents representative of the interest factor
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4,799 | 10,191 | 10,823 | 8,578 | 7,735 | 7,392 | ||||||||||||||||||
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Total fixed charges
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$ | 23,378 | $ | 46,511 | $ | 58,904 | $ | 42,685 | $ | 37,666 | $ | 44,565 | ||||||||||||
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Ratio of earnings to fixed charges
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4.8x | 4.2x | 8.3x | 7.2x | 7.2x | 4.9x | ||||||||||||||||||