EX-12 3 a2019q2exhibit12.htm EXHIBIT 12 Exhibit


Exhibit 12

Computation of Ratio of Earnings to Fixed Charges
(in thousands, except for ratio)

 
Six Months Ended June 30,
 
2019
Earnings:
 
Income before income taxes
$
165,708

Add: Fixed Charges
44,025

Add: Amortization of capitalized interest
114

Add: Loss from joint venture, net
31

Less: Interest capitalized
2,541

Total earnings
$
207,337

 
 
Fixed charges:
 
Interest costs(1)
$
41,566

Interest factor of operating lease expense(2)
2,459

Total fixed charges
$
44,025

 
 
Ratio of earnings to fixed charges(3)
4.71


(1)
Interest costs include both interest expensed and capitalized, including amortization of deferred financing costs and original issue discount on debt.
(2)
Interest factor of operating lease expense is based on an estimate which the Company considers to be a reasonable approximation.
(3)
The ratio of earnings to fixed charges was computed by dividing earnings by fixed charges.