Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
| Year Ended December 31, | ||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
| (Dollars in thousands, except ratio) | ||||||||||||||||||||
Income before income taxes and cumulative effect of change in accounting principle, but after noncontrolling interest | $ | 768,527 | $ | 894,842 | $ | 731,617 | $ | 951,477 | $ | 693,512 | ||||||||||
Add: | ||||||||||||||||||||
Portion of rents representative of the interest factor | 17,642 | 15,818 | 15,424 | 15,066 | 14,917 | |||||||||||||||
Interest expense | 147,297 | 140,896 | 130,946 | 128,174 | 123,177 | |||||||||||||||
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Income as adjusted | $ | 933,466 | $ | 1,051,556 | $ | 877,987 | $ | 1,094,717 | $ | 831,606 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 147,297 | $ | 140,896 | $ | 130,946 | $ | 128,174 | $ | 123,177 | ||||||||||
Portion of rents representative of the interest factor | 17,642 | 15,818 | 15,424 | 15,066 | 14,917 | |||||||||||||||
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Total | $ | 164,939 | $ | 156,714 | $ | 146,370 | $ | 143,240 | $ | 138,094 | ||||||||||
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Ratio of Earnings to Fixed Charges | 5.7 | 6.7 | 6.0 | 7.6 | 6.0 | |||||||||||||||
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