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Statement of Computation of Ratio of Earnings to Fixed Charges
| Years Ended December 31, | |||||||||||||||
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| 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||
| (in thousands, except ratio amounts) | |||||||||||||||
Income before income taxes and income from equity investees | $ | 95,768 | $ | 2,331 | $ | 31,812 | $ | 23,784 | $ | (66,560 | ) | |||||
Distributions received from equity investees | — | — | 4,800 | — | 960 | |||||||||||
Fixed charges | 93,101 | 90,880 | 79,161 | 75,471 | 106,603 | |||||||||||
Amortization of capitalized interest | 41 | 31 | — | — | — | |||||||||||
Capitalized interest | (755 | ) | (1,033 | ) | — | — | — | |||||||||
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Total earnings | $ | 188,155 | $ | 92,209 | $ | 115,773 | $ | 99,255 | $ | 41,003 | ||||||
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Interest expense(1) | $ | 17,241 | $ | 17,650 | $ | 10,358 | $ | 9,005 | $ | 25,653 | ||||||
Estimated interest within rent expense(2) | 75,105 | 72,197 | 68,803 | 66,466 | 80,950 | |||||||||||
Capitalized interest | 755 | 1,033 | — | — | — | |||||||||||
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Total fixed charges | $ | 93,101 | $ | 90,880 | $ | 79,161 | $ | 75,471 | $ | 106,603 | ||||||
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Ratio of earnings to fixed charges | 2.02 | 1.01 | 1.46 | 1.32 | — | |||||||||||
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Deficiency of earnings available to cover fixed charges | $ | N/A | $ | N/A | $ | N/A | $ | N/A | $ | (65,600 | ) | |||||
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- (1)
- Includes interest expense and amortization of premiums, discounts and capitalized expenses related to indebtedness.
- (2)
- Estimated interest within rent expense includes one-third of rental expense, which approximates the interest component of operating leases.
Statement of Computation of Ratio of Earnings to Fixed Charges