Exhibit 12.1
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes | $ | 159,256 | $ | 171,886 | $ | 143,993 | $ | 137,449 | $ | 118,947 | ||||||||||
Interest expense, net | 70,089 | 78,725 | 94,668 | 100,436 | 96,203 | |||||||||||||||
Amortization of capitalized interest | 501 | 620 | 756 | 1,090 | 1,337 | |||||||||||||||
Amortization of debt issuance costs | 3,839 | 5,617 | 6,909 | 6,132 | 5,332 | |||||||||||||||
Interest component of rent expense(1) | 2,846 | 2,782 | 2,773 | 3,066 | 3,042 | |||||||||||||||
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Earnings available for fixed charges | $ | 236,531 | $ | 259,630 | $ | 249,099 | $ | 248,173 | $ | 224,861 | ||||||||||
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Fixed Charges and Preferred Dividends: | ||||||||||||||||||||
Interest expense, net | $ | 70,089 | $ | 78,725 | $ | 94,668 | $ | 100,436 | $ | 96,203 | ||||||||||
Capitalized interest | 1,245 | 1,283 | 989 | 1,258 | 1,140 | |||||||||||||||
Amortization of debt issuance cost | 3,839 | 5,617 | 6,909 | 6,132 | 5,332 | |||||||||||||||
Interest component of rent expense(1) | 2,846 | 2,782 | 2,773 | 3,066 | 3,042 | |||||||||||||||
Preferred dividends | 18,000 | 18,000 | 18,000 | 18,000 | 18,000 | |||||||||||||||
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Total fixed charges and preferred dividends | $ | 96,019 | $ | 106,407 | $ | 123,339 | $ | 128,892 | $ | 123,717 | ||||||||||
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Raito of earnings over fixed charges and preferred dividends | 2.46 | 2.44 | 2.02 | 1.93 | 1.82 | |||||||||||||||
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(1) | A reasonable approximation(one-third) is deemed to be the interest factor included in rental expense. |