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STATEMENT OF COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
We have computed the ratio of earnings to fixed charges for each of the following periods on a consolidated basis. For purposes of computing the ratio of earnings to fixed charges, "earnings" consist of pretax income from continuing operations plus fixed charges (excluding capitalized interest). "Fixed charges" represent interest incurred (whether expensed or capitalized), amortization of debt expense, and that portion of rental expense on operating leases deemed to be the equivalent of interest. We have determined that one-fourth of our rental expense represents a reasonable approximation of the interest portion of rental expense. You should read the ratio of earnings to fixed charges in conjunction with our consolidated and condensed financial statements that are incorporated by reference in this prospectus.
| Year Ended December 31, | Six Months Ended June 30 | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2008 | 2009 | 2010 | 2011 | 2012 | 2012 | 2013 | |||||||||||||||
| | | | | | unaudited | ||||||||||||||||
Earnings | ||||||||||||||||||||||
Earnings (loss) before income taxes | 221,342 | 270,370 | 274,757 | 256,550 | 287,249 | 154,044 | 139,339 | |||||||||||||||
Plus: Fixed charges | 120,191 | 81,541 | 82,241 | 94,816 | 92,446 | 46,828 | 48,785 | |||||||||||||||
Less: Capitalized interest expense(1) | — | — | — | — | (1,475 | ) | — | (998 | ) | |||||||||||||
Total | 341,533 | 351,911 | 356,998 | 351,366 | 378,220 | 200,872 | 187,126 | |||||||||||||||
Fixed Charges | ||||||||||||||||||||||
Interest expense | 66,241 | 26,791 | 26,766 | 37,234 | 32,065 | 17,320 | 17,857 | |||||||||||||||
Capitalized interest expense(1) | — | — | — | — | 1,475 | — | 998 | |||||||||||||||
Estimate of interest portion of rental expense | 53,950 | 54,750 | 55,475 | 57,582 | 58,906 | 29,508 | 29,930 | |||||||||||||||
Total | 120,191 | 81,541 | 82,241 | 94,816 | 92,446 | 46,828 | 48,785 | |||||||||||||||
Ratio of Earnings to Fixed Charges | 2.84x | 4.32x | 4.34x | 3.71x | 4.09x | 4.29x | 3.84x |
- (1)
- We began capitalizing interest expense in the fourth quarter of 2012.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES