Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Fiscal Year Ended December 31, | ||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||
EARNINGS | ||||||||||||||||||||
ADD | ||||||||||||||||||||
a) pre-tax income | $ | 673,361 | $ | 723,431 | $ | 822,781 | $ | 811,950 | $ | 728,463 | ||||||||||
b) fixed charges | 29,263 | 45,956 | 48,638 | 47,064 | 59,227 | |||||||||||||||
c) amortization of capitalized interest | — | — | — | — | — | |||||||||||||||
d) distributed income of equity investees | — | — | — | — | — | |||||||||||||||
e) share of pre-tax loss of equity investee | — | — | — | — | — | |||||||||||||||
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$ | 702,624 | $ | 769,387 | $ | 871,419 | $ | 859,014 | $ | 787,690 | |||||||||||
SUBTRACT | ||||||||||||||||||||
a) Interest capitalized | — | — | — | — | — | |||||||||||||||
b) preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
c) noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | — | — | — | — | — | |||||||||||||||
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— | — | — | — | — | ||||||||||||||||
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Total Earnings: | $ | 702,624 | $ | 769,387 | $ | 871,419 | $ | 859,014 | $ | 787,690 | ||||||||||
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FIXED CHARGES | ||||||||||||||||||||
a) interest expensed | $ | 11,195 | $ | 27,189 | $ | 28,605 | $ | 28,858 | $ | 38,792 | ||||||||||
b) interest capitalized | — | — | — | — | — | |||||||||||||||
c) amortized premiums discounts and capitalized expense | 1,484 | 350 | ||||||||||||||||||
d) estimate of interest within rental expense related to indebtedness(1) | 18,068 | 18,767 | 18,549 | 18,206 | 20,085 | |||||||||||||||
e) preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
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Total Fixed Charges: | $ | 29,263 | $ | 45,956 | $ | 48,638 | $ | 47,064 | $ | 59,227 | ||||||||||
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RATIO OF EARNINGS TO FIXED CHARGES(2) | 24.01 | x | 16.74 | x | 17.92 | x | 18.25 | x | 13.30 | x | ||||||||||
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(1) | Consistent with market practice, management has estimated that interest within rental expense is equal to 33% of lease expense, calculated as follows: |
Fiscal Year Ended December 31, | ||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||||||
Lease Expense | 54,753 | 56,871 | 56,210 | 55,170 | 60,864 | |||||||||||||||
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Interest (33%) | 18,068 | 18,767 | 18,549 | 18,206 | 20,085 |
(2) | The ratios of earnings to fixed charges were computed by dividing earnings by fixed charges. |