Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
The following table presents the computation of our ratio of earnings to fixed charges for each of the periods indicated (in thousands, except ratio).
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Nine Months Ended | | Fiscal Year Ended |
| | | September 30, 2016 | | December 31, 2015 | | December 31, 2014 | | December 31, 2013 | | December 31, 2012 | | December 31, 2011 |
| Earnings: | | | | | | | | | | | | |
| Income before provision for income taxes | | $ | 232,572 |
| | $ | 282,556 |
| | $ | 294,697 |
| | $ | 291,303 |
| | $ | 250,591 |
| | $ | 282,685 |
|
| Fixed charges | | 77,235 |
| | 65,904 |
| | 62,320 |
| | 58,064 |
| | 60,837 |
| | 74,089 |
|
| Amortization of capitalized interest | | 778 |
| | 1,023 |
| | 1,176 |
| | 807 |
| | 535 |
| | 492 |
|
| Interest capitalized | | (908 | ) | | 129 |
| | (2,083 | ) | | (1,316 | ) | | (861 | ) | | (953 | ) |
| Total earnings (losses) | | $ | 309,677 |
| | $ | 349,612 |
| | $ | 356,110 |
| | $ | 348,858 |
| | $ | 311,102 |
| | $ | 356,313 |
|
| Fixed charges: | | | | | | | | | | | | |
| Interest expensed and capitalized | | $ | 66,713 |
| | $ | 53,965 |
| | $ | 48,315 |
| | $ | 47,236 |
| | $ | 49,974 |
| | $ | 63,262 |
|
| Amortization of capitalized interest | | 4,318 |
| | 3,405 |
| | 3,973 |
| | 4,365 |
| | 4,591 |
| | 5,091 |
|
| Estimate of interest within rental expense | | 6,204 |
| | 8,534 |
| | 10,032 |
| | 6,463 |
| | 6,272 |
| | 5,736 |
|
| Total fixed charges | | $ | 77,235 |
| | $ | 65,904 |
| | $ | 62,320 |
| | $ | 58,064 |
| | $ | 60,837 |
| | $ | 74,089 |
|
| | | | | | | | | | | | | |
| Ratio of earnings to fixed charges | | 4.01 |
| | 5.30 |
| | 5.71 |
| | 6.01 |
| | 5.11 |
| | 4.81 |
|
For the purpose of calculating the ratio of earnings to fixed charges, earnings consist of our income before provision for income taxes plus our fixed charges. Fixed charges consist of interest expense, amortization of debt issuance costs, and an estimate of the interest portion of rent expense.
