Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except for ratios)
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| 3 months |
| Year |
| Year |
| Year |
| Year |
| Year ended |
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| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
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Earnings: |
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Income before income taxes |
| $ | 54,345 |
| $ | 146,680 |
| $ | 124,647 |
| $ | 79,514 |
| $ | 103,332 |
| $ | 120,564 |
|
Add: Fixed charges |
| 4,305 |
| 13,625 |
| 11,294 |
| 10,020 |
| 5,508 |
| 6,813 |
| ||||||
Add: Amortization of capitalized Interest |
| 36 |
| 139 |
| 83 |
| — |
| — |
| — |
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Less: Interest capitalized |
| — |
| 123 |
| 498 |
| 405 |
| — |
| — |
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Less: Earnings (loss) from joint venture, net |
| (3 | ) | 393 |
| 99 |
| 9 |
| 14 |
| (84 | ) | ||||||
Less: Pre-tax net loss attributable to noncontrolling interest |
| (147 | ) | (494 | ) | (183 | ) | — |
| — |
| — |
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Total earnings |
| $ | 58,836 |
| $ | 160,422 |
| $ | 135,610 |
| $ | 89,120 |
| $ | 108,826 |
| $ | 127,461 |
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Fixed charges: |
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Interest expense (1) |
| $ | 3,128 |
| $ | 9,493 |
| $ | 8,739 |
| $ | 7,175 |
| $ | 2,522 |
| $ | 4,078 |
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Interest factor of operating lease expense (2) |
| 1,177 |
| 4,132 |
| 2,555 |
| 2,845 |
| 2,986 |
| 2,735 |
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Total fixed charges |
| $ | 4,305 |
| $ | 13,625 |
| $ | 11,294 |
| $ | 10,020 |
| $ | 5,508 |
| $ | 6,813 |
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Ratio of earnings to fixed charges (3) |
| 13.67 |
| 11.77 |
| 12.01 |
| 8.89 |
| 19.76 |
| 18.71 |
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(1) Interest expense includes both 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 ratios of earning to fixed charges were computed by dividing earnings by fixed charges.
