|
Six Months |
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| Ended June 30, | ||||||||
| 2009 | 2008 | |||||||
|
Earnings available to cover fixed charges:
|
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|
Income before income taxes
|
$ | 200 | $ | 229 | ||||
|
Plus: Fixed charges
|
125 | 112 | ||||||
|
Amortization of capitalized interest
|
7 | 11 | ||||||
|
Less: Capitalized interest
|
5 | 10 | ||||||
|
Earnings available to cover fixed charges
|
$ | 327 | $ | 342 | ||||
|
Fixed charges
(*):
|
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|
Interest, including amortization of deferred financing costs
|
$ | 112 | $ | 97 | ||||
|
Interest portion of rental expense
|
13 | 15 | ||||||
|
Total fixed charges
|
$ | 125 | $ | 112 | ||||
|
Ratio of earnings to fixed charges
|
2.62x | 3.05x | ||||||
| (*) | Consists of interest expense on all indebtedness (including amortization of deferred financing costs) and the portion of operating lease rental expense that is representative of the interest factor. |