EX-12.1 3 d700144dex121.htm EX-12.1 EX-12.1

EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth information regarding our ratio of earnings to fixed charges for the historical periods shown. For purposes of determining the ratio of earnings to fixed charges, earnings consist of income from continuing operations before income taxes with applicable adjustments. Fixed charges consist of interest and our estimate of an appropriate portion of rental expenses representative of the interest factor.

 

     For the Fiscal Years Ended December 31,  
     2013      2012      2011      2010      2009  
     (in thousands, except for ratios)  

Earnings:

              

Income from continuing operations before income taxes

   $ 538,740      $ 499,826       $ 428,195      $ 363,636      $ 241,522  

Fixed charges

     100,246        93,481         72,607        50,377        49,961  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total earnings available for fixed charges

   $ 638,986      $ 593,307       $ 500,802      $ 414,013      $ 291,483  

Fixed Charges:

              

Interest expense

   $ 76,136      $ 72,508       $ 53,847      $ 34,664      $ 35,265  

Interest factor in rental expense (1)

     24,110        20,973         18,760        15,713        14,696  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed charges

   $ 100,246      $ 93,481       $ 72,607      $ 50,377      $ 49,961  

Ratio of Earnings to Fixed Charges

     6.4x         6.3x         6.9x         8.2x         5.8x   

 

(1) Our estimate of interest within rental expense is estimated to be one-third of rental expense.