10-K: Annual report pursuant to Section 13 and 15(d)

Published on March 1, 2010




 

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,
 
   
2005
   
2006
   
2007
   
2008
   
2009
 
   
(in thousands)
 
Income from continuing operations before income taxes
  $ 39,674     $ 58,252     $ 67,591     $ 77,619     $ 82,111  
Interest expense
    34,771       47,611       44,092       39,746       39,075  
Income before fixed charges
  $ 74,445     $ 105,863     $ 111,683     $ 117,365     $ 121,186  
                                         
Interest expense
  $ 34,771     $ 47,611     $ 44,092     $ 39,746     $ 39,075  
Total fixed charges
  $ 34,771     $ 47,611     $ 44,092     $ 39,746     $ 39,075  
 
Earnings / fixed charge coverage ratio
    2.1 x     2.2 x     2.5 x     3.0 x     3.1 x