EX-12.1 3 a2220353zex-12_1.htm EX-12.1

Exhibit 12.1

 

RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)

(UNAUDITED)

 

 

 

Year Ended December 31,

 

Three Months
Ended March 31,

 

 

 

2009

 

2010

 

2011

 

2012

 

2013

 

2013

 

2014

 

Pre-tax income from operations before adjustments for non-controlling interests in consolidated subsidiaries or earnings (loss) from equity investees

 

$

152,037

 

$

152,297

 

$

209,424

 

$

247,036

 

$

198,694

 

$

60,974

 

$

55,551

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and amortization of debt discount and premium on all indebtedness

 

99,543

 

84,472

 

81,232

 

83,759

 

84,954

 

21,048

 

20,616

 

Capitalized interest

 

427

 

767

 

304

 

153

 

242

 

10

 

227

 

Rentals:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings—33%(A)

 

38,644

 

39,033

 

39,070

 

40,973

 

40,815

 

10,017

 

10,412

 

Office and other equipment—33%(A)

 

9,309

 

12,038

 

15,010

 

14,577

 

13,513

 

3,518

 

3,324

 

Total fixed charges

 

$

147,922

 

$

136,310

 

$

135,616

 

$

139,462

 

$

139,524

 

$

34,593

 

$

34,579

 

Pre-tax income from operations before adjustment for non-controlling interests in consolidated subsidiaries or earnings (loss) from equity investees plus fixed charges, less preferred stock dividend requirements of consolidated subsidiaries less capitalized interest

 

$

299,532

 

$

287,840

 

$

344,736

 

$

386,345

 

$

337,976

 

$

95,557

 

$

89,903

 

Ratio of earnings to fixed charges

 

2.02

 

2.11

 

2.54

 

2.77

 

2.42

 

2.76

 

2.60

 

 

(A)                              The Company uses 33% to estimate the interest on its rentals. This percentage is a reasonable approximation of the interest factor.