Exhbit 12.1
Exhbit 12.1
Computation of Ratio of earnings to fixed charges
(In thousands, except for ratio data)
Three months ended
Year ended December 31, March 31,
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1998 1999 2000 2001 2002 2002 2003
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Income before income taxes $193,684 $233,685 $300,035 $347,028 $436,290 $106,742 $121,620
Add fixed charges:
Gross interest expense 21,330 25,111 28,823 20,159 17,758 4,538 4,808
Estimated interest component of rental expense (1) 24,033 26,180 27,664 28,990 33,200 7,736 8,682
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Total fixed charges 45,363 51,291 56,487 49,149 50,958 12,274 13,490
Total adjusted earnings $239,047 $284,976 $356,522 $396,177 $487,248 $119,016 $135,110
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Ratio of earnings to fixed charges 5.27 5.56 6.31 8.06 9.56 9.70 10.02
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(1) Interest component estimated to be 1/3 of rental expense.