EX-12.1 3 d826164dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratio of earnings to combined fixed charges for the periods indicated on a consolidated historical basis. For purposes of computing the ratio of earnings to fixed charges, “earnings” are defined as income before taxes plus fixed charges less capitalized interest. “Fixed charges” consist of interest expensed and capitalized and an estimate of interest within rent expense.

 

(Dollars in thousands)

   Twelve Months Ended December 31,     Nine Months
Ended

September 30,
 
     2013     2012     2011     2010     2009     2014  

Earnings:

            

Income from continuing operations before income taxes

   $ 46,075      $ 406,687      $ 872,926      $ 430,958      $ 737,217      $ 103,426   

Fixed charges, as shown below

     292,958        285,784        289,123        240,177        61,572        214,021   

Equity in income of investees, net of distributions

     (20,095     (11,548     (17,463     (7,996     (7,207     18,917   

Noncontrolling Interest

     1,386        397        —          (11,845     (27,425     —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Earnings

   $ 320,324      $ 681,320      $ 1,144,586      $ 651,294      $ 764,157      $ 336,364   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

            

Interest on indebtedness, expensed or capitalized

   $ 262,915      $ 258,096      $ 263,891      $ 218,425      $ 43,289      $ 182,950   

Interest within rent expense

     30,043        27,688        25,232        21,752        18,283        31,071   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

   $ 292,958      $ 285,784      $ 289,123      $ 240,177      $ 61,572      $ 214,021   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of Earnings to Fixed Charges

     1.09        2.38        3.96        2.71        12.41        1.57