Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(dollars in thousands)
Three Months Ended March 31, | Year Ended December 31, | ||||||||||||||||||||||||||||
2008 | 2007 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||||||
Pre-tax income1 | $ | 371,802 | $ | 305,294 | $ | 1,459,104 | $ | 512,065 | $ | 372,466 | $ | 195,405 | $ | 250,649 | |||||||||||||||
Add: | Fixed charges | 25,635 | 17,894 | 76,872 | 22,393 | 15,236 | 5,590 | 5,211 | |||||||||||||||||||||
Distributions from equity method investees | 9,929 | — | 23,460 | 1,939 | 2,620 | 2,276 | 3,144 | ||||||||||||||||||||||
Less: | Loss (Earnings) from equity method investees | 9,909 | (2,406 | ) | (83,894 | ) | (5,659 | ) | (11,526 | ) | (2,549 | ) | (4,912 | ) | |||||||||||||||
Pre-tax income before fixed charges | $ | 417,275 | $ | 320,782 | $ | 1,475,542 | $ | 530,738 | $ | 378,796 | $ | 200,722 | $ | 254,092 | |||||||||||||||
Fixed charges: | |||||||||||||||||||||||||||||
Interest expense | $ | 17,378 | $ | 10,986 | $ | 49,412 | $ | 9,916 | $ | 7,924 | $ | 835 | $ | 720 | |||||||||||||||
Interest expense on uncertain tax positions2 | 1,213 | — | 1,727 | — | — | — | — | ||||||||||||||||||||||
Portion of rent representative of interest | 7,044 | 6,908 | 25,733 | 12,477 | 7,312 | 4,755 | 4,491 | ||||||||||||||||||||||
Total fixed charges | $ | 25,635 | $ | 17,894 | $ | 76,872 | $ | 22,393 | $ | 15,236 | $ | 5,590 | $ | 5,211 | |||||||||||||||
Ratio of earnings to fixed charges | 16.3x | 17.9x | 19.2x | 23.7x | 24.9x | 35.9x | 48.8x | ||||||||||||||||||||||
1 | Pre-tax income includes operating income and non-operating income, net of non-controlling interest. |
2 | Interest expense on uncertain tax positions, in accordance with FIN No. 48, has been recorded within income tax expense on the condensed consolidated statements of income. |