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Exhibit 12.1
Ratio of Earnings To Combined Fixed Charges And Preferred Stock Dividends
The following table sets forth the calculation of our ratio of earnings to combined fixed charges and preferred stock
dividends for the periods shown:
For the Year Ended | |||||||||||||||
(In Thousands, Except Ratios) | December 31, 2017 | December 31, 2016 | December 31, 2015 | December 31, 2014 | December 31, 2013 | ||||||||||
Net income before taxes | $ | 524,776 | $ | 552,026 | $ | 250,350 | $ | 589,207 | $ | 362,688 | |||||
Add: Fixed charges (interest expense) (1) | 548,196 | 375,963 | 306,590 | 200,430 | 123,856 | ||||||||||
Preferred stock dividend | 33,484 | 2,449 | — | — | — | ||||||||||
Income as adjusted | $ | 1,106,456 | $ | 930,438 | $ | 556,940 | $ | 789,637 | $ | 486,544 | |||||
Fixed charges (interest expense) + preferred stock dividend | $ | 581,680 | $ | 378,412 | $ | 306,590 | $ | 200,430 | $ | 123,856 | |||||
Ratio of income (losses) to combined fixed charges and preferred stock dividends | 1.90 | x | 2.46 | x | 1.82x | 3.94x | 3.93x | ||||||||
Deficiency | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
(1) Includes effect of realized losses on interest rate swaps. |