EX-12.1 28 d745001dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

     Three Months Ended        
     March 31,     Year Ended December 31,  
     Pro forma
2014
    2014     Pro forma
2013
    2013     2012     2011     2010     2009  

Earnings:

            

Income from continuing operations before income taxes

   $ 26,714      $ 29,008      $ 108,762      $ 120,192      $ 122,237      $ 107,087      $ 79,171      $ 60,245   

Fixed charges

     13,955        11,660        35,006        16,987        12,961        9,274        8,027        7,096   

Amortization of capitalized interest

     356        161        1,422        186        91        0        0        0   

Less: Capitalized interest

     (6,589     (6,589     (6,589     0        (493     0        0        0   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings

   $ 34,436      $ 34,240      $ 138,601      $ 137,365      $ 134,796      $ 116,361      $ 87,198      $ 67,341   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

            

Interest expense, excluding amortization of capitalized interest

   $ 3,375      $ 1,275      $ 13,500      $ 3,306      $ 1,397      $ 135      $ 391      $ 765   

Amortization of capitalized interest

     356        161        1,422        186        91        0        0        0   

Capitalized interest

     6,589        6,589        6,589        0        493        0        0        0   

Portion of rent expense representative of interest

     3,635        3,635        13,495        13,495        10,980        9,139        7,636        6,331   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 13,955      $ 11,660      $ 35,006      $ 16,987      $ 12,961      $ 9,274      $ 8,027      $ 7,096   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges (1)

     2.5 x(2)      2.9     4.0 x(2)      8.1     10.4     12.5     10.9     9.5

 

(1) For purposes of computing these ratios, “earnings” represent income from continuing operations before income taxes plus fixed charges and amortization of capitalized interest, less capitalized interest. “Fixed charges” consist of interest expense, including capitalized interest, amortization of capitalized interest and one-third (the portion deemed representative of the interest factor) of rental expense on operating leases.

 

(2) Because the net proceeds of the offering of the old notes were used to repay indebtedness and because the interest on the old notes is higher than the interest on the repaid indebtedness, our ratio of earnings to fixed charges changed by 10% or more.