EX-12.1 5 iphs10k123117ex121.htm EXHIBIT 12.1 Exhibit
 
 
 
 
 
 
 
 
Exhibit 12.1
 
Calculation of Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31,
 
(dollars in thousands)
2017

 
2016

 
2015

 
2014

 
2013

 
Earnings
 
 
 
 
 
 
 
 
 
 
Income before provision
 
 
 
 
 
 
 
 
 
 
for income taxes
$
56,637

 
$
70,318

 
$
40,123

 
$
97,356

 
$
76,247

 
Plus: fixed charges (1)
9,561

 
10,032

 
9,869

 
6,617

 
7,583

 
 
$
66,198

 
$
80,350

 
$
49,992

 
$
103,973

 
$
83,830

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Gross interest expense
7,132

 
7,722

 
7,583

 
4,394

 
5,475

 
Estimate of the interest
 
 
 
 
 
 
 
 
 
 
within operating leases
2,429

 
2,310

 
2,286

 
2,223

 
2,108

 
 
$
9,561

 
$
10,032

 
$
9,869

 
$
6,617

 
$
7,583

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to
 
 
 
 
 
 
 
 
 
 
fixed charges
6.9

x
8.0

x
5.1

x
15.7

x
11.1

x
 
 
 
 
 
 
 
 
 
 
 
(1) For purposes of calculating the ratio of earnings to fixed charges, earnings represent income before income taxes plus fixed charges. Fixed charges consist of interest expense and one-third of operating rental expenses which management believes is representative of the interest component of rent expense.