EX-12 3 a2019q4exhibit12.htm EXHIBIT 12 Exhibit


Exhibit 12

Computation of Ratio of Earnings to Fixed Charges

 
For the Year Ended December 31,
(in thousands, except for ratio)
2019
 
2018
 
2017
 
2016
 
2015
Earnings:
 
 
 
 
 
 
 
 
 
Income before income taxes
$
301,247

 
$
199,318

 
$
199,007

 
$
347,967

 
$
346,719

Add: Fixed Charges
85,819

 
59,882

 
44,924

 
33,058

 
28,843

Add: Amortization of capitalized interest
229

 
173

 
168

 
130

 
127

Less: Interest capitalized
4,472

 
2,354

 
3,188

 
1,763

 
—

Less: Earnings from joint venture, net
839

 
167

 
159

 
164

 
136

Less: pre-tax net loss attributable to noncontrolling interest
—

 
—

 
—

 
—

 
(44
)
Total earnings
$
381,984

 
$
256,852

 
$
240,752

 
$
379,228

 
$
375,597

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest costs (1)
$
81,273

 
$
56,116

 
$
42,178

 
$
30,599

 
$
26,510

Interest factor of operating lease expense (2)
4,546

 
3,766

 
2,746

 
2,459

 
2,333

Total fixed charges
$
85,819

 
$
59,882

 
$
44,924

 
$
33,058

 
$
28,843

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (3)
4.45

 
4.29

 
5.36

 
11.47

 
13.02


(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.