Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
|
| Year Ended December 31, |
| ||||||||
|
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
|
Earnings |
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income from continuing operations before adjustment for noncontrolling interest and income or loss from equity investees |
| 513,861 |
| 419,327 |
| 349,139 |
| 392,326 |
| 322,758 |
|
Add |
|
|
|
|
|
|
|
|
|
|
|
Fixed Charges |
| 32,942 |
| 35,302 |
| 37,138 |
| 36,643 |
| 31,229 |
|
Amortization of capitalized interest |
| 1,638 |
| 1,757 |
| 1,330 |
| 1,887 |
| 565 |
|
Distributed income of equity investee |
| 490 |
| 870 |
| 575 |
| - |
| - |
|
Less |
|
|
|
|
|
|
|
|
|
|
|
Capitalized interest |
| 833 |
| 8,992 |
| 8,436 |
| 14,797 |
| 888 |
|
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
| (16) |
| - |
| - |
| - |
| - |
|
Total |
| 548,114 |
| 448,264 |
| 379,746 |
| 416,059 |
| 353,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Charges |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| 30,814 |
| 24,969 |
| 26,413 |
| 20,721 |
| 29,270 |
|
Capitalized interest |
| 833 |
| 8,992 |
| 8,436 |
| 14,797 |
| 888 |
|
Amortization of debt costs |
| 1,099 |
| 1,113 |
| 2,042 |
| 858 |
| 591 |
|
Interest element of rentals |
| 196 |
| 228 |
| 247 |
| 267 |
| 480 |
|
Total |
| 32,942 |
| 35,302 |
| 37,138 |
| 36,643 |
| 31,229 |
|
Ratio |
| 16.64 |
| 12.70 |
| 10.23 |
| 11.35 |
| 11.32 |
|
