10-K: Annual report pursuant to Section 13 and 15(d)
Published on March 2, 2009
Exhibit
12.1
RATIO
OF EARNINGS TO FIXED CHARGES
The
following table sets forth our ratio of earnings to fixed charges on a reported
basis for the periods indicated. Earnings consist of income from
continuing operations plus fixed charges. Fixed charges consist of
interest expense and amortization of deferred financing costs. We
have calculated the ratio of earnings to fixed charges by adding net income from
continuing operations to fixed charges and dividing that sum by such fixed
charges.
| Year Ended December 31, | ||||||||||||||||||||
|
2004
|
2005
|
2006
|
2007
|
2008
|
||||||||||||||||
|
(in
thousands)
|
||||||||||||||||||||
|
Income
from continuing operations before income taxes
|
$ | 13,807 | $ | 39,674 | $ | 58,252 | $ | 67,591 | $ | 77,619 | ||||||||||
|
Interest
expense
|
44,008 | 34,771 | 47,611 | 44,092 | 39,746 | |||||||||||||||
|
Income
before fixed charges
|
$ | 57,815 | $ | 74,445 | $ | 105,863 | $ | 111,683 | $ | 117,365 | ||||||||||
|
Interest
expense
|
$ | 44,008 | $ | 34,771 | $ | 47,611 | $ | 44,092 | $ | 39,746 | ||||||||||
|
Total fixed
charges
|
$ | 44,008 | $ | 34,771 | $ | 47,611 | $ | 44,092 | $ | 39,746 | ||||||||||
|
Earnings
/ fixed charge coverage ratio
|
1.3 | x | 2.1 | x | 2.2 | x | 2.5 | x | 3.0 | x | ||||||||||
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