Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
(UNAUDITED)
|
| Year Ended December 31, |
| Three Months |
| |||||||||||||||||
|
| 2009 |
| 2010 |
| 2011 |
| 2012 |
| 2013 |
| 2013 |
| 2014 |
| |||||||
Pre-tax income from operations before adjustments for non-controlling interests in consolidated subsidiaries or earnings (loss) from equity investees |
| $ | 152,037 |
| $ | 152,297 |
| $ | 209,424 |
| $ | 247,036 |
| $ | 198,694 |
| $ | 60,974 |
| $ | 55,551 |
|
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest expense and amortization of debt discount and premium on all indebtedness |
| 99,543 |
| 84,472 |
| 81,232 |
| 83,759 |
| 84,954 |
| 21,048 |
| 20,616 |
| |||||||
Capitalized interest |
| 427 |
| 767 |
| 304 |
| 153 |
| 242 |
| 10 |
| 227 |
| |||||||
Rentals: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Buildings—33%(A) |
| 38,644 |
| 39,033 |
| 39,070 |
| 40,973 |
| 40,815 |
| 10,017 |
| 10,412 |
| |||||||
Office and other equipment—33%(A) |
| 9,309 |
| 12,038 |
| 15,010 |
| 14,577 |
| 13,513 |
| 3,518 |
| 3,324 |
| |||||||
Total fixed charges |
| $ | 147,922 |
| $ | 136,310 |
| $ | 135,616 |
| $ | 139,462 |
| $ | 139,524 |
| $ | 34,593 |
| $ | 34,579 |
|
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 |
| $ | 299,532 |
| $ | 287,840 |
| $ | 344,736 |
| $ | 386,345 |
| $ | 337,976 |
| $ | 95,557 |
| $ | 89,903 |
|
Ratio of earnings to fixed charges |
| 2.02 |
| 2.11 |
| 2.54 |
| 2.77 |
| 2.42 |
| 2.76 |
| 2.60 |
| |||||||
(A) The Company uses 33% to estimate the interest on its rentals. This percentage is a reasonable approximation of the interest factor.