Exhibit 12.1
Ratio of Earnings to Fixed Charges Year ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 118,947 | $ | 75,253 | $ | 57,976 | $ | 48,165 | $ | 91,729 | ||||||||||
Interest expense, net | 96,203 | 112,561 | 111,509 | 112,106 | 112,474 | |||||||||||||||
Amortization of capitalized interest | 1,337 | 1,295 | 1,556 | 1,429 | 1,986 | |||||||||||||||
Amortization of debt issuance costs | 5,332 | 5,109 | 4,345 | 3,992 | 3,560 | |||||||||||||||
Interest component of rent expense(1) | 3,042 | 3,081 | 3,189 | 3,065 | 2,878 | |||||||||||||||
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Earnings available for fixed charges | $ | 224,861 | $ | 197,299 | $ | 178,575 | $ | 168,757 | $ | 212,627 | ||||||||||
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Fixed Charges and Preferred Dividends: | ||||||||||||||||||||
Interest expense, net | $ | 96,203 | $ | 112,561 | $ | 111,509 | $ | 112,106 | $ | 112,474 | ||||||||||
Capitalized interest | 1,140 | 1,646 | 2,014 | 2,136 | 1,808 | |||||||||||||||
Amortization of debt issuance cost | 5,332 | 5,109 | 4,345 | 3,992 | 3,560 | |||||||||||||||
Interest component of rent expense(1) | 3,042 | 3,081 | 3,189 | 3,065 | 2,878 | |||||||||||||||
Preferred dividends | 18,000 | 18,000 | 18,000 | 18,000 | 18,000 | |||||||||||||||
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Total fixed charges and preferred dividends | $ | 123,717 | $ | 140,397 | $ | 139,057 | $ | 139,299 | $ | 138,720 | ||||||||||
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Ratio of earnings over fixed charges and preferred dividends | 1.82 | 1.41 | 1.28 | 1.21 | 1.53 | |||||||||||||||
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(1) | A reasonable approximation (one-third) is deemed to be the interest factor included in rental expenses. |