EX-12.1 2 dex121.htm STATEMENT REGARDING THE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement Regarding the Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

 

     Year Ended December 31,
     2008     2007     2006     2005     2004

Earnings:

           

Income before income taxes

    $ 52,083     $ 32,720     $ 30,302     $ 20,089     $ 19,824

Adjustments:

           

Fixed Charges

      7,355       7,601       8,135       8,651       7,596

Amortization of capitalized interest

      197       195       181       167       148

Interest capitalized

      (395 )     (279 )     (568 )     (340 )     —  
                                      

Earnings as Defined

    $ 59,240     $ 40,237     $ 38,050     $ 28,567     $ 27,568

Fixed Charges:

           

Interest expensed

      6,409       6,792       6,700       7,383       6,346

Interest capitalized

      395       279       568       340       —  

Amortization of debt costs

      378       349       295       178       135

Portion of rent representative of an interest factor

      173       181       572       750       1,115
                                      

Fixed Charges

    $ 7,355     $ 7,601     $ 8,135     $ 8,651     $ 7,596

Ratio of Earnings to Fixed Charges

      8.1       5.3       4.7       3.3       3.6