EX-12.1 2 mtz6301810-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,
 
2018
 
2017
Earnings:
 
 
 
Income before income taxes
$
153,772

 
$
206,751

Add: Fixed charges
121,311

 
107,767

Less: Undistributed earnings from equity method investments, net
(3,699
)
 
(7,706
)
Total earnings
$
271,384

 
$
306,812

Fixed charges:
 
 
 
Interest expense
$
38,345

 
$
27,556

Estimate of interest expense within rental expense
82,966

 
80,211

Total fixed charges
$
121,311

 
$
107,767

Ratio of earnings to fixed charges
2.2

 
2.8