Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(dollars in thousands)
December 31, | ||||||||||||||||||||
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
Income before income taxes and minority interest | $ | 528,233 | $ | 375,755 | $ | 200,438 | $ | 250,902 | $ | 223,948 | ||||||||||
Add: Fixed charges | 22,393 | 15,236 | 5,590 | 5,211 | 4,726 | |||||||||||||||
Distributions from equity investees | — | — | 2,276 | 3,144 | 1,008 | |||||||||||||||
Less: Income from equity investees | (5,659 | ) | (11,526 | ) | (2,549 | ) | (4,912 | ) | (2,098 | ) | ||||||||||
Pre-tax income before fixed charges | $ | 544,967 | $ | 379,465 | $ | 205,755 | $ | 254,345 | $ | 227,584 | ||||||||||
Fixed charges*: | ||||||||||||||||||||
Interest expense | $ | 9,916 | $ | 7,924 | $ | 835 | $ | 720 | $ | 683 | ||||||||||
Portion of rent representative of interest | 12,477 | 7,312 | 4,755 | 4,491 | 4,043 | |||||||||||||||
Total fixed charges | $ | 22,393 | $ | 15,236 | $ | 5,590 | $ | 5,211 | $ | 4,726 | ||||||||||
Ratio of earnings to fixed charges | 24.34 | 24.91 | 36.81 | 48.81 | 48.15 | |||||||||||||||
* | The Company’s Series A participating Preferred stock receive dividends on the same basis as the Company’s common stock. Accordingly, these amounts are not considered by the Company to be “preference security dividends” and have not been included in the calculations of fixed charges. |