EX-12.1 3 exhibit121-earningstofixed.htm EXHIBIT 12.1 Exhibit


 
 
 
 
 
 
 
 
 
 
Exhibit 12.1

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
The following table sets forth our ratios of earnings to fixed charges for the periods presented (amounts in thousands).
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31,
 
 
2012
 
2013
 
2014
 
2015
 
2016
Earnings:
 
 
 
 
 
 
 
 
 
 
Earnings before income taxes
 
$
805,312

 
$
238,876

 
$
21,117

 
$
187,942

 
$
259,575

 
 
 
 
 
 
 
 
 
 
 
add:
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
122,535

 
117,704

 
138,623

 
138,540

 
182,365

 
 
 
 
 
 
 
 
 
 
 
Adjusted Earnings
 
$
927,847

 
$
356,580

 
$
159,740

 
$
326,482

 
$
441,940

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest Expense (includes capitalized interest)
 
105,710

 
93,605

 
105,816

 
92,258

 
140,056

Amortization of debt discount and expense
 
9,806

 
6,479

 
7,828

 
8,273

 
7,873

Estimate of interest within rental expense
 
13,716

 
23,292

 
32,496

 
41,538

 
42,769

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
$
129,232

 
$
123,376

 
$
146,140

 
$
142,069

 
$
190,698

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges (a)
 
 7.2x

 
 2.8x

 
1.1x

 
2.3x

 
2.3x

 
 
 
 
 
 
 
 
 
 
 
Coverage deficiency
 
—

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
(a)
For purposes of determining the ratio of earnings to fixed charges, earnings consist of income from continuing operations before income taxes and fixed charges (excluding interest capitalized during the period). Fixed charges consist of interest expense (including interest capitalized during the period), amortization of debt discount and deferred financing costs and the portion of rental expense that is representative of the interest factor in these rentals.