EX-12.1 7 exhibit_12-1.htm EXHIBIT 12.1 exhibit_12-1.htm
 


 
 
Exhibit 12.1
 
RATIO OF EARNINGS TO FIXED CHARGES
 
 
The following table sets forth our ratios of earnings to fixed charges for the periods indicated. Earnings consist of income from continuing operations before provisions for income taxes plus fixed charges. Fixed charges include interest expense, amortization of debt issuance costs and the portion of rental expense we believe is representative of the interest component of rent expense.

 
 
Year Ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
(In thousands, except per share amounts)
 
Income from continuing operations
  $ 793,412     $ 682,904     $ 514,095     $ 310,890     $ 262,946  
Plus
                                       
Fixed charges
    335,645       318,148       320,978       338,609       164,413  
Total
  $ 1,129,057     $ 1,001,052     $ 835,073     $ 649,499     $ 427,359  
     
Earnings to fixed charges ratio
    3.4       3.2       2.6       1.9       2.6  
     
Fixed charges:
                                       
Interest expense, including the amortization of debt issuance costs
  $ 309,574     $ 295,175     $ 300,816     $ 320,469     $ 146,589  
Estimate of interest component of rent expense(1) 
    26,071       22,973       20,162       18,140       17,824  
Total fixed charges
  $ 335,645     $ 318,148     $ 320,978     $ 338,609     $ 164,413  
                                         
 
(1)  
Estimated at 1/3 of total rent expense