Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Three Months Ended March 31, 2013 |
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| Year Ended December 31, | ||||||||||||||||||||||||
| 2008 | 2009 | 2010 | 2011 | 2012 | ||||||||||||||||||||
| (dollars in thousands) | (unaudited) | |||||||||||||||||||||||
| Earnings: |
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| Income before income taxes |
$ | 195,081 | $ | 221,668 | $ | 107,391 | $ | 153,127 | $ | 3,114 | $ | 33,551 | ||||||||||||
| Fixed charges |
60,051 | 61,417 | 66,809 | 77,627 | 75,743 | 17,531 | ||||||||||||||||||
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| Income before income taxes and fixed charges |
$ | 255,132 | $ | 283,085 | $ | 174,200 | $ | 230,754 | $ | 78,857 | $ | 51,082 | ||||||||||||
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| Fixed charges: |
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| Interest expense, including amortized premiums, discounts and capitalized expenses related to indebtedness |
$ | 45,105 | $ | 44,923 | $ | 50,263 | $ | 58,624 | $ | 56,731 | $ | 12,715 | ||||||||||||
| One-third rental expense (1) |
14,946 | 16,494 | 16,546 | 19,003 | 19,012 | 4,816 | ||||||||||||||||||
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| Total fixed charges |
$ | 60,051 | $ | 61,417 | $ | 66,809 | $ | 77,627 | $ | 75,743 | $ | 17,531 | ||||||||||||
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| Ratio of earnings to fixed charges |
4.2 | 4.6 | 2.6 | 3.0 | 1.0 | 2.9 | ||||||||||||||||||
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| (1) | The proportion deemed representative of the interest factor. |