Exhibit 12.1
Ratio of Earnings to Fixed Charges
The following table provides our consolidated ratios of earnings to fixed charges (in thousands except ratios):
|
| | | | | | | | | | | | | | | | | | | |
| Nine months ended September 30, | | Year Ended December 31, |
| 2013 | | 2012 | | 2011 | | 2010 | | 2009 |
Fixed Charges: | | | | | | | | | |
Interest expense (1) | $ | 11,795 |
| | $ | 15,776 |
| | $ | 15,304 |
| | $ | 12,233 |
| | $ | 1,141 |
|
Amortized premiums, discounts and capitalized expenses related to indebtedness (2) | 1,035 |
| | 1,345 |
| | 1,291 |
| | 937 |
| | 300 |
|
Estimate of the interest within rental expense (3) | 11,445 |
| | 17,354 |
| | 18,396 |
| | 15,957 |
| | 17,128 |
|
Total Fixed Charges | $ | 24,275 |
| | $ | 34,475 |
| | $ | 34,991 |
| | $ | 29,127 |
| | $ | 18,569 |
|
Earnings: | | | | | | | | | |
Pre-tax income from continuing operations before income or loss from equity investees (4) | $ | 95,193 |
| | $ | 154,954 |
| | $ | 215,502 |
| | $ | 202,451 |
| | $ | 178,508 |
|
Fixed Charges | 24,275 |
| | 34,475 |
| | 34,991 |
| | 29,127 |
| | 18,569 |
|
Distributed income of equity investees (4) | — |
| | — |
| | — |
| | — |
| | — |
|
Total Earnings | $ | 119,468 |
| | $ | 189,429 |
| | $ | 250,493 |
| | $ | 231,578 |
| | $ | 197,077 |
|
Ratio of Earnings to Fixed Charges | 4.9 |
| | 5.5 |
| | 7.2 |
| | 8.0 |
| | 10.6 |
|
| | | | | | | | | |
(1) Interest expense consists of interest on indebtedness. |
(2) Represents the amortization of financing costs incurred in connection with the Company's credit agreement and our 7.25% senior unsecured notes. |
(3) The proportion of rental expense deemed to be representative of the interest factor is one third. |
(4) Equity investees are investments accounted for using the equity method of accounting. |