EX-12.1 4 d646292dex121.htm EX-12.1 EX-12.1

EXHIBIT 12.1

RATIO OF EARNINGS TO FIXED CHARGES

Our ratio of earnings to fixed charges is as follows:

 

     2013     2012     2011      2010      2009  

Earnings:

             

Income from continuing operations before provision for income taxes and noncontrolling interest

    $ (448,904 )    $ 343,130      $ 251,291       $ 303,794       $ 270,113   

Interest expense and other

      5,748        (372 )      3,046         2,584         —    

Portion of rents representative of the interest factor

      38,850        20,239        17,977         15,955         18,032   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
   $ (404,306 )    $ 362,997      $ 272,314       $ 322,333       $ 288,145   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Fixed charges:

             

Interest expense, including amount capitalized

    $ 8,886      $ 8,568      $ 9,314       $ 14,621       $ 11,673   

Portion of rents representative of the interest factor(1)

      38,850        20,239        17,977         15,955         18,032   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  
   $ 47,736      $ 28,807      $ 27,291       $ 30,576       $ 29,705   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Ratio of earnings to fixed charges(2)

      —         12.60x        9.98x         10.54x         9.70x   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

 

(1) 33% of rental expense
(2) For the year ended December 31, 2013, earnings were deficient to cover fixed charges by $452,042, primarily as a result of operating losses during the year.