Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
(in thousands, except for ratio)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, | | For the Year Ended December 31, |
| | 2018 | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 |
| Earnings: | | | | | | | | | | | |
| Income before income taxes | $ | 132,434 |
| | $ | 195,546 |
| | $ | 345,958 |
| | $ | 346,719 |
| | $ | 137,131 |
| | $ | 146,680 |
|
| Add: Fixed Charges | 27,911 |
| | 44,924 |
| | 33,058 |
| | 28,843 |
| | 24,027 |
| | 13,625 |
|
| Add: Amortization of capitalized interest | 65 |
| | 168 |
| | 130 |
| | 127 |
| | 141 |
| | 139 |
|
| Less: Interest capitalized | 279 |
| | 3,188 |
| | 1,763 |
| | — |
| | — |
| | 123 |
|
| Less: Earnings from joint venture, net | 88 |
| | 159 |
| | 164 |
| | 136 |
| | 217 |
| | 393 |
|
| Plus: pre-tax net loss attributable to noncontrolling interest | | | — |
| | — |
| | (44 | ) | | (386 | ) | | (494 | ) |
| Total earnings | $ | 160,043 |
| | $ | 237,291 |
| | $ | 377,219 |
| | $ | 375,597 |
| | $ | 161,468 |
| | $ | 160,422 |
|
| | | | | | | | | | | | |
| Fixed charges: | | | | | | | | | | | |
| Interest costs (1) | $ | 26,159 |
| | $ | 42,178 |
| | $ | 30,599 |
| | $ | 26,510 |
| | $ | 21,205 |
| | $ | 9,493 |
|
| Interest factor of operating lease expense (2) | 1,752 |
| | 2,746 |
| | 2,459 |
| | 2,333 |
| | 2,822 |
| | 4,132 |
|
| Total fixed charges | $ | 27,911 |
| | $ | 44,924 |
| | $ | 33,058 |
| | $ | 28,843 |
| | $ | 24,027 |
| | $ | 13,625 |
|
| | | | | | | | | | | | |
| Ratio of earnings to fixed charges (3) | 5.73 |
| | 5.28 |
| | 11.41 |
| | 13.02 |
| | 6.72 |
| | 11.77 |
|
| |
| (1) | Interest costs include both interest 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 ratio of earnings to fixed charges was computed by dividing earnings by fixed charges. |
