Exhibit 12.1
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
Ratio of Earnings to Fixed Charges (dollar amounts in thousands):
| Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 37,071 | $ | (67,746 | ) | $ | 198,430 | $ | 240,214 | $ | 192,719 | $ | 159,280 | |||||||||||
Add: Fixed charges | 80,593 | 141,403 | 138,618 | 131,281 | 111,949 | 91,259 | ||||||||||||||||||
Less: Undistributed earnings (losses) from equity method investees | 3,555 | (7,978 | ) | (269 | ) | — | — | 39 | ||||||||||||||||
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Total earnings | $ | 114,109 | $ | 81,635 | $ | 337,317 | $ | 371,495 | $ | 304,668 | $ | 250,500 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 25,146 | $ | 48,729 | $ | 50,898 | $ | 46,804 | $ | 37,784 | $ | 35,006 | ||||||||||||
Estimate of interest expense within rental expense | 55,447 | 92,674 | 87,720 | 84,477 | 74,165 | 56,253 | ||||||||||||||||||
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Total fixed charges | $ | 80,593 | $ | 141,403 | $ | 138,618 | $ | 131,281 | $ | 111,949 | $ | 91,259 | ||||||||||||
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Ratio of earnings to fixed charges | 1.4 | 0.6 | 2.4 | 2.8 | 2.7 | 2.7 | ||||||||||||||||||
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