dva-ex121

The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. Earnings for this purpose are defined as pretax income from continuing operations adjusted by adding back fixed charges expensed during the period less pre-tax net income attributable to noncontrolling interests. Fixed charges include debt expense (interest expense, the amortization of deferred financing costs and the amortization of the cap premium), the estimated interest component of rent expense on operating leases, and capitalized interest.

	Nine months ended
	September 30,			Year ended December 31,
	2015			2014			2013			2012			2011			2010
	(dollars in thousands)
Earnings adjusted for fixed charges:
Income from continuing operations before income taxes	$	576,829		$	1,309,673		$	1,124,978		$	1,001,304		$	916,605		$	741,238
Add:
Debt expense		305,121			410,294			429,943			288,554			241,090			181,607
Interest portion of rent expense		122,725			149,432			137,558			112,424			95,919			86,656
Less: Noncontrolling interests		(117,717	)		(140,949	)		(124,276	)		(105,891	)		(95,899	)		(79,048	)
		310,129			418,777			443,225			295,087			241,110			189,215
	$	886,958		$	1,728,450		$	1,568,203		$	1,296,391		$	1,157,715		$	930,453
Fixed charges:
Debt expense	$	305,121		$	410,294		$	429,943		$	288,554		$	241,090		$	181,607
Interest portion of rent expense		122,725			149,432			137,558			112,424			95,919			86,656
Capitalized interest		6,977			7,888			6,408			8,127			4,887			2,621
	$	434,823		$	567,614		$	573,909		$	409,105		$	341,896		$	270,884
Ratio of earnings to fixed charges		2.04			3.05			2.73			3.17			3.39			3.43