Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth information regarding our ratio of earnings to combined fixed charges for the historical periods shown. For purposes of determining the ratio of earnings to combined fixed charges, earnings consist of income from continuing operations before income taxes with applicable adjustments. Combined fixed charges consist of capitalized interest credit, interest factor in rental expense and other interest and fixed charges.
| For the Fiscal Years Ended December 31, | ||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
| (in thousands, except for ratios) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 653,677 | $ | 648,071 | $ | 562,552 | $ | 503,705 | $ | 451,410 | ||||||||||
Fixed charges | 148,227 | 147,167 | 91,642 | 96,607 | 90,647 | |||||||||||||||
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Total earnings available for fixed charges | $ | 801,904 | $ | 831,184 | $ | 654,194 | $ | 600,312 | $ | 542,057 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 120,042 | $ | 121,315 | $ | 69,984 | $ | 76,137 | $ | 72,507 | ||||||||||
Interest factor in rental expense (1) | 28,185 | 25,852 | 21,658 | 20,470 | 18,140 | |||||||||||||||
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Total fixed charges | $ | 148,227 | $ | 147,167 | $ | 91,642 | $ | 96,607 | $ | 90,647 | ||||||||||
Ratio of Earnings to Fixed Charges | 5.4x | 5.6x | 7.1x | 6.2x | 6.0x | |||||||||||||||
(1) Fixed charges consist of interest expense and our estimate of an appropriate portion of rentals representative of the interest factor. The estimate of interest within rental expense is estimated to be one-third of rental expense.
