Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
|
| Year Ended December 31, |
| ||||||||
|
| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
|
|
| (thousands) |
| ||||||||
Earnings |
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income from continuing operations before adjustment for noncontrolling interest and income or loss from equity investees |
| 290,551 |
| 336,008 |
| 355,238 |
| 513,861 |
| 419,327 |
|
Add |
|
|
|
|
|
|
|
|
|
|
|
Fixed Charges |
| 41,058 |
| 31,688 |
| 32,258 |
| 32,942 |
| 35,302 |
|
Amortization of capitalized interest |
| 1,519 |
| 1,672 |
| 1,788 |
| 1,638 |
| 1,757 |
|
Distributed income of equity investees |
| 25,401 |
| 6,031 |
| 444 |
| 490 |
| 870 |
|
Less |
|
|
|
|
|
|
|
|
|
|
|
Capitalized interest |
| 551 |
| 358 |
| 695 |
| 833 |
| 8,992 |
|
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
| — |
| — |
| — |
| (16) |
| — |
|
Total |
| 357,978 |
| 375,041 |
| 389,033 |
| 548,114 |
| 448,264 |
|
Fixed Charges |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
| 36,280 |
| 29,405 |
| 29,804 |
| 30,814 |
| 24,969 |
|
Capitalized interest |
| 551 |
| 358 |
| 695 |
| 833 |
| 8,992 |
|
Amortization of debt costs |
| 3,104 |
| 1,264 |
| 1,349 |
| 1,099 |
| 1,113 |
|
Interest element of rentals |
| 1,123 |
| 661 |
| 410 |
| 196 |
| 228 |
|
Total |
| 41,058 |
| 31,688 |
| 32,258 |
| 32,942 |
| 35,302 |
|
Ratio |
| 8.72 |
| 11.84 |
| 12.06 |
| 16.64 |
| 12.70 |
|
