Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except for ratios)
For the Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income before income taxes | $ | 346,719 | $ | 137,131 | $ | 146,680 | $ | 124,647 | $ | 79,514 | |||||||||
Add: Fixed Charges | 28,843 | 24,027 | 13,625 | 11,294 | 10,020 | ||||||||||||||
Add: Amortization of capitalized interest | 127 | 141 | 139 | 83 | — | ||||||||||||||
Less: Interest capitalized | — | — | 123 | 498 | 405 | ||||||||||||||
Less: Earnings from joint venture, net | 136 | 217 | 393 | 99 | 9 | ||||||||||||||
Less: pre-tax net loss attributable to noncontrolling interest | (44 | ) | (386 | ) | (494 | ) | (183 | ) | — | ||||||||||
Total earnings | $ | 375,597 | $ | 161,468 | $ | 160,422 | $ | 135,610 | $ | 89,120 | |||||||||
Fixed charges: | |||||||||||||||||||
Interest expense (1) | $ | 26,510 | $ | 21,205 | $ | 9,493 | $ | 8,739 | $ | 7,175 | |||||||||
Interest factor of operating lease expense (2) | 2,333 | 2,822 | 4,132 | 2,555 | 2,845 | ||||||||||||||
Total fixed charges | $ | 28,843 | $ | 24,027 | $ | 13,625 | $ | 11,294 | $ | 10,020 | |||||||||
Ratio of earnings to fixed charges (3) | 13.02 | 6.72 | 11.77 | 12.01 | 8.89 |
(1) | Interest expense includes both expensed and capitalized, including amortization of deferred financing costs and original issue discount on debt. |
(2) | Interest factor of operating lease expense is based on an estimate which the Company considers to be a reasonable approximation. |
(3) | The ratios of earnings to fixed charges were computed by dividing earnings by fixed charges. |