EX-12.1 2 exhibit121computationofrat.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Computation of Earnings to Fixed Charges
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
 
(In thousands)
Income before income taxes
$
241,874

 
$
838,386

 
$
1,002,676

 
$
453,479

 
$
617,087

Add:
 

 
 

 
 

 
 

 
 

Interest expense and other financing costs
123,291

 
105,603

 
97,062

 
74,581

 
88,209

Amortization of capitalized interest
2,327

 
1,911

 
1,590

 
1,580

 
1,479

Interest component of rental expense
22,053

 
19,941

 
16,525

 
7,271

 
7,857

Earnings as adjusted
$
389,545

 
$
965,841

 
$
1,117,853

 
$
536,911

 
$
714,632

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense and other financing costs
$
123,291

 
$
105,603

 
$
97,062

 
$
74,581

 
$
88,209

Capitalized interest
10,681

 
1,818

 
2,345

 
1,948

 
2,359

Interest component of rental expense
22,053

 
19,941

 
16,525

 
7,271

 
7,857

Fixed charges
$
156,025

 
$
127,362

 
$
115,932

 
$
83,800

 
$
98,425

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
2.50

 
7.58

 
9.64

 
6.41

 
7.26

 
 
 
 
 
 
 
 
 
 
Coverage deficiency
$
—

 
$
—

 
$
—

 
$
—

 
$
—