EX-12.1 7 mdr-ex121_2014123116.htm EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

Our ratio of earnings to fixed charges is as follows:

 

 

2014

 

 

2013

 

 

2012

 

 

2011

 

 

2010

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

(45,321

)

 

$

(440,859

)

 

$

330,942

 

 

$

314,657

 

 

$

303,516

 

Interest expense and other

 

62,919

 

 

 

5,748

 

 

 

(372

)

 

 

3,046

 

 

 

2,584

 

Portion of rents representative of the interest factor

 

35,516

 

 

 

38,850

 

 

 

20,239

 

 

 

17,977

 

 

 

15,955

 

 

$

53,114

 

 

$

(396,261

)

 

$

350,809

 

 

$

335,680

 

 

$

322,055

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, including amount capitalized

$

85,361

 

 

$

8,886

 

 

$

8,568

 

 

$

9,314

 

 

$

14,621

 

Portion of rents representative of the interest factor(1)

 

35,516

 

 

 

38,850

 

 

 

20,239

 

 

 

17,977

 

 

 

15,955

 

 

$

120,877

 

 

$

47,736

 

 

$

28,807

 

 

$

27,291

 

 

$

30,576

 

Ratio of earnings to fixed charges(2)

 

—

 

 

 

—

 

 

 

12.18x

 

 

 

12.30x

 

 

 

10.53x

 

 

(1)

33% of rental expense

(2)

For the years ended December 31, 2014 and December 31, 2013, earnings were deficient to cover fixed charges by $67,763 and $443,997, respectively, primarily as a result of operating losses during the year.