EX-12.1 5 d546159dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

 

     Fiscal Year Ended December 31,  
     2013     2014     2015     2016     2017  

EARNINGS

           

ADD

           

a) pre-tax income

    $ 673,361     $ 723,431     $ 822,781     $ 811,950     $ 728,463  

b) fixed charges

      29,263       45,956       48,638       47,064       59,227  

c) amortization of capitalized interest

      —         —         —         —         —    

d) distributed income of equity investees

      —         —         —         —         —    

e) share of pre-tax loss of equity investee

      —         —         —         —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   $ 702,624     $ 769,387     $ 871,419     $ 859,014     $ 787,690  

SUBTRACT

           

a) Interest capitalized

      —         —         —         —         —    

b) preference security dividend requirements of consolidated subsidiaries

      —         —         —         —         —    

c) noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges

      —         —         —         —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     —         —         —         —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Earnings:

    $ 702,624     $ 769,387     $ 871,419     $ 859,014     $ 787,690  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

FIXED CHARGES

           

a) interest expensed

    $ 11,195     $ 27,189     $ 28,605     $ 28,858     $ 38,792  

b) interest capitalized

      —         —         —         —         —    

c) amortized premiums discounts and capitalized expense

          1,484         350  

d) estimate of interest within rental expense related to indebtedness(1)

      18,068       18,767       18,549       18,206       20,085  

e) preference security dividend requirements of consolidated subsidiaries

      —         —         —         —         —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges:

    $ 29,263     $ 45,956     $ 48,638     $ 47,064     $ 59,227  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
          
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

RATIO OF EARNINGS TO FIXED CHARGES(2)

      24.01 x      16.74 x      17.92 x      18.25 x      13.30 x 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) Consistent with market practice, management has estimated that interest within rental expense is equal to 33% of lease expense, calculated as follows:

 

     Fiscal Year Ended December 31,  
          2013                2014                2015                2016                2017       

Lease Expense

      54,753        56,871        56,210        55,170        60,864  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Interest (33%)

      18,068        18,767        18,549        18,206        20,085  

 

(2) The ratios of earnings to fixed charges were computed by dividing earnings by fixed charges.