Exhibit 12
Earnings to Fixed Charges
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December 31, |
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2004 |
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2005 |
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2006 |
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2007 |
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2008 |
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Income before income tax expense |
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99,761 |
|
106,024 |
|
85,405 |
|
50,923 |
|
(41,018 |
) |
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Equity in losses of equity-method investees |
|
615 |
|
42 |
|
(1,721 |
) |
(1,042 |
) |
(448 |
) |
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Net income before equity in losses of equity- method investees |
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100,376 |
|
106,066 |
|
83,684 |
|
49,881 |
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(41,466 |
) |
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Add fixed charges: |
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Interest expense including amortization of debt issuance costs |
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30,952 |
|
26,548 |
|
43,393 |
|
58,550 |
|
65,026 |
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|
Estimate of interest within rental expense |
|
5,116 |
|
4,208 |
|
4,755 |
|
4,699 |
|
6,885 |
|
|
|
|
|
36,068 |
|
30,756 |
|
48,148 |
|
63,249 |
|
71,911 |
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Adjusted earnings |
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136,444 |
|
136,822 |
|
131,832 |
|
113,130 |
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30,445 |
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Ratio of earnings to fixed charges (1) |
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3.8 |
|
4.4 |
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2.7 |
|
1.8 |
|
0.4 |
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(1) The ratio of earnings to fixed charges is computed by dividing adjusted earnings by fixed charges.