EX-12.1 2 exhibit121-jll201710kq4.htm EXHIBIT 12.1 Exhibit




EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges
 
Year Ended December 31,
($ in millions)
2017
2016
2015
2014
2013
Earnings:
 
 
 
 
 
Net income attributable to the Company
$
254.2

318.2

438.7

386.1

269.8

Provision for income taxes
267.8

108.0

132.8

97.6

92.1

Equity earnings from real estate ventures
(16.3
)
(17.2
)
(56.4
)
(41.1
)
(26.2
)
Operating distributions from real estate ventures
30.3

30.9

51.2

19.5

13.7

Fixed charges
123.6

102.4

78.5

77.9

80.6

Total Earnings
$
659.6

542.3

644.8

540.0

430.0

Fixed Charges:
 
 
 
 
 
Interest expense
$
52.9

40.1

27.4

27.3

32.5

Amortization of debt issuance costs
5.0

5.6

4.1

3.6

4.4

Applicable portion of rent expense (1)
65.7

56.7

47.0

47.0

43.7

Total Fixed Charges
$
123.6

102.4

78.5

77.9

80.6

Ratio of Earnings to Fixed Charges
5.34

5.30

8.21

6.93

5.33

(1) Represents one-third of rent expense, which we believe approximates the portion of rent expense that relates to interest.