EX-12.1 3 mtz6301710-qex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollar amounts in thousands)
 
For the Six Months Ended June 30,
 
2017
 
2016
Earnings:
 
 
 
Income before income taxes
$
206,751

 
$
37,071

Add: Fixed charges
107,767

 
80,593

Less: Undistributed earnings from equity method investees
7,706

 
3,555

Total earnings
$
306,812

 
$
114,109

Fixed charges:
 
 
 
Interest expense
$
27,556

 
$
25,146

Estimate of interest expense within rental expense
80,211

 
55,447

Total fixed charges
$
107,767

 
$
80,593

Ratio of earnings to fixed charges
2.8

 
1.4