EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except for ratio data)
Six months ended
Year ended December 31, June 30,
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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 $ 215,996 $ 250,206
Add fixed charges:
Gross interest expense 21,330 25,111 28,823 20,159 17,758 8,898 10,074
Amortization of debt discount - - - - - - 5
Estimated interest component of rental expense (1) 24,033 26,180 27,664 28,990 33,200 15,777 17,178
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Total fixed charges 45,363 51,291 56,487 49,149 50,958 24,675 27,257
Total adjusted earnings $ 239,047 $ 284,976 $ 356,522 $ 396,177 $ 487,248 $ 240,671 $ 277,463
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Ratio of earnings to fixed charges 5.27 5.56 6.31 8.06 9.56 9.75 10.18
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(1) Interest component estimated to be 1/3 of rental expense.