Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except for ratio)
|
| | | |
| | Six Months Ended June 30, |
| | 2017 |
| Earnings: | |
| Income before income taxes | $ | 144,386 |
|
| Add: Fixed Charges | 21,007 |
|
| Add: Amortization of capitalized interest | 74 |
|
| Less: Interest capitalized | 2,337 |
|
| Less: Earnings from joint venture, net | 49 |
|
| Total earnings | $ | 163,081 |
|
| | |
| Fixed charges: | |
| Interest costs (1) | $ | 19,628 |
|
| Interest factor of operating lease expense (2) | 1,379 |
|
| Total fixed charges | $ | 21,007 |
|
| | |
| Ratio of earnings to fixed charges (3) | 7.76 |
|
| |
| (1) | Interest costs include both interest 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 ratio of earnings to fixed charges was computed by dividing earnings by fixed charges. |
