EX-12 2 exhibit12.htm EXHIBIT 12 exhibit12.htm - Generated by SEC Publisher for SEC Filing  

EXHIBIT 12

COMPUTATION OF RATIOS

(UNAUDITED)

 

 

Our consolidated ratios of earnings to fixed charges for each of the fiscal years ended December 31, 2015, 2014, 2013, 2012 and 2011 are as follows:

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 

2015 

 

2014 

 

2013 

 

2012 

 

2011 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income from continuing operations

 

$

 76,915 

 

$

 67,055 

 

$

 54,503 

 

$

 50,105 

 

$

 54,789 

 

Fixed charges

 

 

 25,974 

 

 

 32,920 

 

 

 44,789 

 

 

 45,901 

 

 

 44,147 

 

Capitalized interest

 

 

 (1,486)

 

 

 (603)

 

 

 -   

 

 

 -   

 

 

 -   

 

 

Total earnings - Numerator

 

$

 101,403 

 

$

 99,372 

 

$

 99,292 

 

$

 96,006 

 

$

 98,936 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense

 

$

 24,239 

 

$

 32,068 

 

$

 44,540 

 

$

 45,652 

 

$

 43,898 

 

1/3 of rent expense - interest factor

 

 

 249 

 

 

 249 

 

 

 249 

 

 

 249 

 

 

 249 

 

Capitalized interest

 

 

 1,486 

 

 

 603 

 

 

 -   

 

 

 -   

 

 

 -   

 

 

Total fixed charges - Denominator

 

$

 25,974 

 

$

 32,920 

 

$

 44,789 

 

$

 45,901 

 

$

 44,147 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

 3.90 

 

 

 3.02 

 

 

 2.22 

 

 

 2.09 

 

 

 2.24 

 

 

Earnings equals (i) income from continuing operations before income taxes, plus (ii) fixed charges, minus (iii) capitalized interest.  Fixed charges equals (i) interest and debt expense, plus (ii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals and (iii) capitalized interest.