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):
Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | 2009 | 2008 | |||||||||||||||
Fixed Charges: | |||||||||||||||||||
Interest expense (1) | $ | 15,696 | $ | 15,776 | $ | 15,304 | $ | 12,233 | $ | 1,141 | |||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness (2) | 1,387 | 1,345 | 1,291 | 937 | 300 | ||||||||||||||
Estimate of the interest within rental expense (3) | 15,858 | 17,354 | 18,396 | 15,957 | 17,128 | ||||||||||||||
Total Fixed Charges | $ | 32,941 | $ | 34,475 | $ | 34,991 | $ | 29,127 | $ | 18,569 | |||||||||
Earnings: | |||||||||||||||||||
Pre-tax income from continuing operations before income or loss from equity investees (4) | 6,553 | $ | 154,954 | $ | 215,502 | $ | 202,451 | $ | 178,508 | ||||||||||
Fixed Charges | 32,941 | 34,475 | 34,991 | 29,127 | 18,569 | ||||||||||||||
Distributed income of equity investees (4) | — | — | — | — | — | ||||||||||||||
Total Earnings | $ | 39,494 | $ | 189,429 | $ | 250,493 | $ | 231,578 | $ | 197,077 | |||||||||
Ratio of Earnings to Fixed Charges | 1.2 | 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. |