EX-12.1 3 v400319_ex12-1.htm EXHIBIT 12.1

 

EXHIBIT 12.1

 

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS

TO FIXED CHARGES

(In thousands)

 

   2014   2013   2012   2011   2010 
                     
Earnings:                         
Income before income tax provision   385,662    320,921    265,103    273,129    225,476 
Plus:  fixed charges per below   70,194    80,197    57,274    46,562    43,163 
Less: capitalized interest per below   -    -    -    -    - 
Plus:  current period amortization of interest capitalized in prior periods   49    49    49    39    39 
                          
Total earnings  $455,905   $401,167   $322,426   $319,730   $268,678 
                          
Fixed charges                         
Interest expense  $64,674   $73,579   $53,037   $44,520   $40,134 
Capitalized interest   -    -    -    -    - 
Interest portion of rent expense   5,520    6,618    4,237    2,042    3,029 
                          
Total fixed charges  $70,194   $80,197   $57,274   $46,562   $43,163 
                          
Ratio of earnings to fixed charges   6.5    5.0    5.6    6.9    6.2