COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the three and nine months ended September 30, 2015 and 2014, the computation of ratio of earnings to fixed charges is as follows (dollars in thousands):
| | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2015 | 2014 | 2015 | 2014 | |||||||||
Earnings: | |||||||||||||
Income before taxes | $ | 81,767 | $ | 88,452 | $ | 252,344 | $ | 291,586 | |||||
Fixed charges | 73,127 | 74,133 | 219,372 | 207,965 | |||||||||
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Total earnings | $ | 154,894 | $ | 162,585 | $ | 471,716 | $ | 499,551 | |||||
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Fixed charges: | |||||||||||||
Interest expense inclusive of amortized premiums, discounts and capitalized expenses related to indebtedness | $ | 73,109 | $ | 74,115 | $ | 219,315 | $ | 207,912 | |||||
Estimate of the interest component of rental expense | 18 | 18 | 57 | 53 | |||||||||
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Total fixed charges | $ | 73,127 | $ | 74,133 | $ | 219,372 | $ | 207,965 | |||||
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Ratio of earnings to fixed charges | 2.12 | 2.19 | 2.15 | 2.40 | |||||||||
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