Computation of Ratio of Earnings to Fixed Charges
|
| Nine Months Ended September 30, |
| Year Ended December 31, |
| ||||||||||||
($ in millions) |
| 2017 |
| 2016 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| ||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net income attributable to the Company |
| $ | 175.8 |
| 152.7 |
| $ | 318.2 |
| 438.7 |
| 386.1 |
| 269.8 |
| 208.1 |
|
Provision for income taxes |
| 57.3 |
| 55.3 |
| 108.0 |
| 132.8 |
| 97.6 |
| 92.1 |
| 69.2 |
| ||
Equity earnings from real estate ventures |
| (14.8 | ) | (13.5 | ) | (17.2 | ) | (56.4 | ) | (41.1 | ) | (26.2 | ) | (21.9 | ) | ||
Operating distributions from real estate ventures |
| 24.2 |
| 24.4 |
| 30.9 |
| 51.2 |
| 19.5 |
| 13.7 |
| 10.6 |
| ||
Fixed charges |
| 91.8 |
| 72.8 |
| 102.4 |
| 78.5 |
| 77.9 |
| 80.6 |
| 81.6 |
| ||
Total Earnings |
| $ | 334.3 |
| 291.7 |
| $ | 542.3 |
| 644.8 |
| 540.0 |
| 430.0 |
| 347.6 |
|
Fixed Charges: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Interest expense |
| $ | 39.5 |
| 28.3 |
| $ | 40.1 |
| 27.4 |
| 27.3 |
| 32.5 |
| 33.4 |
|
Amortization of debt issuance costs |
| 3.7 |
| 4.0 |
| 5.6 |
| 4.1 |
| 3.6 |
| 4.4 |
| 4.4 |
| ||
Applicable portion of rent expense (1) |
| 48.6 |
| 40.5 |
| 56.7 |
| 47.0 |
| 47.0 |
| 43.7 |
| 43.8 |
| ||
Total Fixed Charges |
| $ | 91.8 |
| 72.8 |
| $ | 102.4 |
| 78.5 |
| 77.9 |
| 80.6 |
| 81.6 |
|
Ratio of Earnings to Fixed Charges |
| 3.64 |
| 4.01 |
| 5.30 |
| 8.21 |
| 6.93 |
| 5.33 |
| 4.26 |
| ||
(1) Represents one-third of rent expense, which we believe approximates the portion of rent expense that relates to interest.
