Exhibit 12
Ratio Earnings to Fixed Charges
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|
December 31, |
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|
2004 |
|
2005 |
|
2006 |
|
2007 |
|
2008 |
|
|
Income before income tax expense |
|
99,529 |
|
95,300 |
|
73,955 |
|
38,701 |
|
(54,063 |
) |
|
Equity in losses of equity-method investees |
|
615 |
|
42 |
|
(1,721 |
) |
(1,042 |
) |
(448 |
) |
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|
|
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|
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|
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|
|
|
Net income before equity in losses of equity- method investees |
|
100,144 |
|
95,342 |
|
72,234 |
|
37,659 |
|
(54,511 |
) |
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Add fixed charges: |
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|
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Interest expense including amortization of debt issuance costs |
|
31,184 |
|
37,272 |
|
54,843 |
|
70,772 |
|
78,071 |
|
|
Estimate of interest within rental expense |
|
5,116 |
|
4,208 |
|
4,755 |
|
4,699 |
|
6,885 |
|
|
|
|
36,300 |
|
41,480 |
|
59,598 |
|
75,471 |
|
84,956 |
|
|
Adjusted earnings |
|
136,444 |
|
136,822 |
|
131,832 |
|
113,130 |
|
30,445 |
|
|
|
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Ratio of earnings to fixed charges (1) |
|
3.8 |
|
3.3 |
|
2.2 |
|
1.5 |
|
0.4 |
|
(1) The ratio of earnings to fixed charges is computed by dividing adjusted earnings by fixed charges.