COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the three and six months ended June 30, 2016 and 2015, the computation of ratio of earnings to fixed charges is as follows (dollars in thousands):
| | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2016 | 2015 | 2016 | 2015 | |||||||||
Earnings: | |||||||||||||
Income before taxes | $ | 70,572 | $ | 88,591 | $ | 154,137 | $ | 170,577 | |||||
Fixed charges | 79,071 | 71,533 | 151,056 | 146,245 | |||||||||
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Total earnings | $ | 149,643 | $ | 160,124 | $ | 305,193 | $ | 316,822 | |||||
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Fixed charges: | |||||||||||||
Interest expense inclusive of amortized premiums, discounts and capitalized expenses related to indebtedness | $ | 79,059 | $ | 71,512 | $ | 151,030 | $ | 146,206 | |||||
Estimate of the interest component of rental expense | 12 | 21 | 26 | 39 | |||||||||
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Total fixed charges | $ | 79,071 | $ | 71,533 | $ | 151,056 | $ | 146,245 | |||||
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Ratio of earnings to fixed charges | 1.89 | 2.24 | 2.02 | 2.17 | |||||||||
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