Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
(UNAUDITED)
|
| Year Ended December 31, |
| Six Months |
| |||||||||||||||||
|
| 2008 |
| 2009 |
| 2010 |
| 2011 |
| 2012 |
| 2012 |
| 2013 |
| |||||||
Pre-tax income from operations before adjustments for non-controlling interests in consolidated subsidiaries or earnings (loss) from equity investees |
| $ | 84,100 |
| $ | 152,037 |
| $ | 152,297 |
| $ | 209,424 |
| $ | 247,036 |
| $ | 142,910 |
| $ | 110,053 |
|
Fixed Charges: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Interest expense and amortization of debt discount and premium on all indebtedness |
| 110,889 |
| 99,543 |
| 84,472 |
| 81,232 |
| 83,759 |
| 42,207 |
| 42,952 |
| |||||||
Capitalized interest |
| 474 |
| 427 |
| 767 |
| 304 |
| 153 |
| 29 |
| 43 |
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Rentals: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Buildings—33%(A) |
| 36,380 |
| 38,644 |
| 39,033 |
| 39,070 |
| 40,973 |
| 20,349 |
| 20,230 |
| |||||||
Office and other equipment—33%(A) |
| 9,580 |
| 9,309 |
| 12,038 |
| 15,010 |
| 14,577 |
| 7,698 |
| 7,105 |
| |||||||
Total fixed charges |
| $ | 157,323 |
| $ | 147,922 |
| $ | 136,310 |
| $ | 135,616 |
| $ | 139,462 |
| $ | 70,283 |
| $ | 70,330 |
|
Pre-tax income from operations before adjustment for non-controlling interests in consolidated subsidiaries or earnings (loss) from equity investees plus fixed charges, less preferred stock dividend requirements of consolidated subsidiaries less capitalized interest |
| $ | 240,949 |
| $ | 299,532 |
| $ | 287,840 |
| $ | 344,736 |
| $ | 386,345 |
| $ | 213,164 |
| $ | 180,340 |
|
Ratio of earnings to fixed charges |
| 1.53 |
| 2.02 |
| 2.11 |
| 2.54 |
| 2.77 |
| 3.03 |
| 2.56 |
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(A) The Company uses 33% to estimate the interest on its rentals. This percentage is a reasonable approximation of the interest factor.