Computation of Ratios of Earnings to Fixed Charges
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | Ratio of Earnings to Fixed Charges |
| (Amounts in thousands except Ratio of Earnings to Fixed Charges) | Six months ended | | Fiscal Year |
| Earnings: | June 30, 2017 | | 2016 | | 2015 | | 2014 | | 2013 | | 2012 |
| Add: | | | | | | | | | | | |
| Income before taxes | $ | 280,527 |
| | $ | 523,717 |
| | $ | 539,101 |
| | $ | 549,061 |
| | $ | 485,210 |
| | $ | 443,415 |
|
| Fixed charges | 38,303 |
| | 68,838 |
| | 63,158 |
| | 63,098 |
| | 64,194 |
| | 59,009 |
|
| Amortization of capitalized interest | 2,500 |
| | 4,723 |
| | 4,198 |
| | 3,734 |
| | 3,087 |
| | 2,864 |
|
| Less: | | | | | | | | | | | |
| Capitalized interest | (2,033 | ) | | (4,035 | ) | | (5,893 | ) | | (5,572 | ) | | (6,629 | ) | | (6,762 | ) |
| Total Earnings available for fixed charges | $ | 319,297 |
| | $ | 593,243 |
| | $ | 600,564 |
| | $ | 610,321 |
| | $ | 545,862 |
| | $ | 498,526 |
|
| | | | | | | | | | | | |
| Fixed Charges: | | | | | | | | | | | |
| Interest expense | $ | 30,363 |
| | $ | 52,989 |
| | $ | 46,062 |
| | $ | 46,067 |
| | $ | 46,767 |
| | $ | 41,753 |
|
| Capitalized interest | 2,033 |
| | 4,035 |
| | 5,893 |
| | 5,572 |
| | 6,629 |
| | 6,762 |
|
Portion of rental expense which represents interest factor1 | 5,907 |
| | 11,814 |
| | 11,203 |
| | 11,459 |
| | 10,798 |
| | 10,494 |
|
| Total Fixed charges | $ | 38,303 |
| | $ | 68,838 |
| | $ | 63,158 |
| | $ | 63,098 |
| | $ | 64,194 |
| | $ | 59,009 |
|
| Ratio of Earnings to Fixed Charges | 8.34 | % | | 8.62 | % | | 9.51 | % | | 9.67 | % | | 8.5 | % | | 8.45 | % |
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(1) Represents one-third of rental expense, which we deem to be a reasonable estimate of the portion of our rental expense that is attributable to interest.
