Exhibit 12.1
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Amounts in thousands except Ratio of Earnings to Fixed Charges) | Fiscal Year | |||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Add: | ||||||||||||||||||||
Income before taxes | $ | 443,415 | $ | 373,546 | $ | 359,593 | $ | 276,549 | $ | 283,922 | ||||||||||
Fixed charges | 59,009 | 59,864 | 61,888 | 74,483 | 85,930 | |||||||||||||||
Amortization of capitalized interest | 2,864 | 2,246 | 1,895 | 2,241 | 1,968 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | (6,762 | ) | (4,945 | ) | (3,410 | ) | (2,755 | ) | (2,493 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Earnings available for fixed charges | $ | 498,526 | $ | 430,711 | $ | 419,966 | $ | 350,518 | $ | 369,327 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense(1) | $ | 41,753 | $ | 44,639 | $ | 48,709 | $ | 61,818 | $ | 74,008 | ||||||||||
Capitalized interest | 6,762 | 4,945 | 3,410 | 2,755 | 2,493 | |||||||||||||||
Portion of rental expense which represents interest factor(2) | 10,494 | 10,280 | 9,769 | 9,910 | 9,429 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Fixed charges | $ | 59,009 | $ | 59,864 | $ | 61,888 | $ | 74,483 | $ | 85,930 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of Earnings to Fixed Charges | 8.45x | 7.19x | 6.79x | 4.71x | 4.30x | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | This excludes interest expense related to unrecognized tax benefits, which is recognized as a component of income tax expense. |
(2) | Represents one-third of rental expense, which we deem to be a reasonable estimate of the portion of our rental expense that is attributable to interest. |