Exhibit 12.1
Ratio of Earnings to Fixed Charges
Amounts in Thousands (except ratios)(1)
|
| | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, |
| | 2009 | | 2010 | | 2011 | | 2012 | | 2013 |
| | | | | | | | | | |
| Earnings: | | | | | | | | | |
| Pre-tax income from continuing operations | $ | 149,238 |
| | $ | 158,807 |
| | $ | 158,711 |
| | $ | 169,506 |
| | $ | 158,672 |
|
| Less: Income from equity investees | 1,113 |
| | 1,226 |
| | 269 |
| | 212 |
| | 634 |
|
| Pre-tax income from continuing operations before adjustment for income from equity investees | 148,125 |
| | 157,581 |
| | 158,442 |
| | 169,294 |
| | 158,038 |
|
| Add: | | | |
| | |
| | |
| | |
| Fixed charges | 6,956 |
| | 10,498 |
| | 19,657 |
| | 34,210 |
| | 50,444 |
|
| Distributions from equity investees | 1,337 |
| | 1,155 |
| | 1,139 |
| | 1,310 |
| | 1,445 |
|
| | | | | | | | | | |
| Total Earnings | $ | 156,418 |
| | $ | 169,234 |
| | $ | 179,238 |
| | $ | 204,814 |
| | $ | 209,927 |
|
| | |
| | |
| | |
| | |
| | |
|
| Fixed Charges: | | | |
| | |
| | |
| | |
Interest expense and amortization of loan costs(2)(3) | $ | 4,693 |
| | $ | 7,641 |
| | $ | 16,849 |
| | $ | 31,108 |
| | $ | 46,176 |
|
Rental expense interest component (4) | 2,263 |
| | 2,857 |
| | 2,808 |
| | 3,102 |
| | 4,268 |
|
| | | | | | | | | | |
| Total Fixed Charges | $ | 6,956 |
| | $ | 10,498 |
| | $ | 19,657 |
| | $ | 34,210 |
| | $ | 50,444 |
|
| | |
| | |
| | |
| | |
| | |
|
| Ratio of Earnings to Fixed Charges | 22.5 |
| | 16.1 |
| | 9.1 |
| | 6.0 |
| | 4.2 |
|
|
| |
| (1) | The Company had no preferred stock outstanding and did not pay preferred dividends in any of the periods presented. Consequently, the Company's ratio of earnings to combined fixed charges and preferred stock dividends for each of such periods is identical to the Company's ratio of earnings to fixed charges as indicated above. |
| (2) | Excludes losses recognized on early extinguishment of debt. |
| (3) | The Company records interest expense accrued on uncertain tax positions as a component of income taxes. The Company has excluded these costs from both the earnings and fixed charges calculation. |
| (4) | The Company utilized one-third of rental expenses relating to operating leases as the interest portion which it believes is a reasonable approximation of the interest factor. |
