EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth information regarding our ratio of earnings to fixed charges for the historical periods shown. For purposes of determining the ratio of earnings to fixed charges, earnings consist of income from continuing operations before income taxes with applicable adjustments. Fixed charges consist of interest and our estimate of an appropriate portion of rental expenses representative of the interest factor.
| For the Fiscal Years Ended December 31, | ||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
| (in thousands, except for ratios) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 538,740 | $ | 499,826 | $ | 428,195 | $ | 363,636 | $ | 241,522 | ||||||||||
Fixed charges | 100,246 | 93,481 | 72,607 | 50,377 | 49,961 | |||||||||||||||
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Total earnings available for fixed charges | $ | 638,986 | $ | 593,307 | $ | 500,802 | $ | 414,013 | $ | 291,483 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 76,136 | $ | 72,508 | $ | 53,847 | $ | 34,664 | $ | 35,265 | ||||||||||
Interest factor in rental expense (1) | 24,110 | 20,973 | 18,760 | 15,713 | 14,696 | |||||||||||||||
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Total fixed charges | $ | 100,246 | $ | 93,481 | $ | 72,607 | $ | 50,377 | $ | 49,961 | ||||||||||
Ratio of Earnings to Fixed Charges | 6.4x | 6.3x | 6.9x | 8.2x | 5.8x | |||||||||||||||
| (1) | Our estimate of interest within rental expense is estimated to be one-third of rental expense. |