EX-12 2 exhibit12.htm EXHIBIT 12 Exhibit

EXHIBIT 12
COMPUTATION OF RATIOS
(UNAUDITED)




Our consolidated ratios of earnings to fixed charges for each of the fiscal years ended December 31, 2017, 2016, 2015, 2014 and 2013 are as follows:
 

 
 
 
 
Year Ended December 31,
 
 
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pretax income from continuing operations
 
$
80,512

 
$
86,525

 
$
76,915

 
$
67,055

 
$
54,503

 
Fixed charges
 
 
31,723

 
 
22,490

 
 
25,974

 
 
32,920

 
 
44,789

 
Capitalized interest
 
 
—

 
 
—

 
 
(1,486
)
 
 
(603
)
 
 
—

 
 
Total earnings - Numerator
 
$
112,235

 
$
109,015

 
$
101,403

 
$
99,372

 
$
99,292

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and debt expense
 
$
31,474

 
$
22,241

 
$
24,239

 
$
32,068

 
$
44,540

 
1/3 of rent expense - interest factor
 
 
249

 
 
249

 
 
249

 
 
249

 
 
249

 
Capitalized interest
 
 
—

 
 
—

 
 
1,486

 
 
603

 
 
—

 
 
Total fixed charges - Denominator
 
$
31,723

 
$
22,490

 
$
25,974

 
$
32,920

 
$
44,789

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
 
3.54

 
 
4.85

 
 
3.90

 
 
3.02

 
 
2.22


Earnings equals (i) income from continuing operations before income taxes, plus (ii) fixed charges, minus (iii) capitalized interest. Fixed charges equals (i) interest and debt expense, plus (ii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals and (iii) capitalized interest.