Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
(dollars in thousands)
| Nine Months Ended September 30, |
Year Ended December 31, | |||||||||||||||||||||||||||
| 2008 | 2007 | 2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||||||||
| Income before income taxes and non-controlling interests |
$ | 1,092,741 | $ | 1,325,587 | $ | 1,822,719 | $ | 528,233 | $ | 375,755 | $ | 200,438 | $ | 250,902 | ||||||||||||||
| Less: Non-controlling interests |
(35,651 | ) | 354,669 | 363,615 | 16,168 | 3,289 | 5,033 | 253 | ||||||||||||||||||||
| Pre-tax income, net of non-controlling interests |
1,128,392 | 970,918 | 1,459,104 | 512,065 | 372,466 | 195,405 | 250,649 | |||||||||||||||||||||
| Add: Fixed charges |
77,470 | 52,514 | 76,872 | 22,393 | 15,236 | 5,590 | 5,211 | |||||||||||||||||||||
| Distributions of earnings from equity method investees |
18,155 | 9,375 | 23,460 | 1,939 | 2,620 | 2,276 | 3,144 | |||||||||||||||||||||
| Less: Loss (Earnings) from equity method investees |
89,573 | (55,783 | ) | (83,894 | ) | (5,659 | ) | (11,526 | ) | (2,549 | ) | (4,912 | ) | |||||||||||||||
| Pre-tax income before fixed charges |
$ | 1,313,590 | $ | 977,024 | $ | 1,475,542 | $ | 530,738 | $ | 378,796 | $ | 200,722 | $ | 254,092 | ||||||||||||||
| Fixed charges: |
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| Interest expense |
$ | 50,835 | $ | 31,023 | $ | 49,412 | $ | 9,916 | $ | 7,924 | $ | 835 | $ | 720 | ||||||||||||||
| Interest expense on uncertain tax positions1 |
5,623 | 2,495 | 1,727 | — | — | — | — | |||||||||||||||||||||
| Portion of rent representative of interest |
21,012 | 18,996 | 25,733 | 12,477 | 7,312 | 4,755 | 4,491 | |||||||||||||||||||||
| Total fixed charges |
$ | 77,470 | $ | 52,514 | $ | 76,872 | $ | 22,393 | $ | 15,236 | $ | 5,590 | $ | 5,211 | ||||||||||||||
| Ratio of earnings to fixed charges |
17.0x | 18.6x | 19.2x | 23.7x | 24.9x | 35.9x | 48.8x | |||||||||||||||||||||
| 1 |
Interest expense on uncertain tax positions, in accordance with FIN No. 48, has been recorded within income tax expense on the condensed consolidated statements of income. |