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| Exhibit 12.1 |
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STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||
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| Year Ended December 31, | ||||||||||||||
(in thousands) | 2009 |
| 2010 |
| 2011 |
| 2012 |
| 2013 | |||||||
Computation of Earnings: |
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Pre-tax earnings from continuing operations, excluding equity in earnings of unconsolidated affiliates | $ | 206,128 |
| $ | 208,240 |
| $ | 222,654 |
| $ | 262,222 |
| $ | 305,376 | ||
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Plus: Fixed charges |
| 9,821 |
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| 15,636 |
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| 17,813 |
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| 19,686 |
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| 32,542 | ||
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Plus: Amortization of capitalized interest |
| 148 |
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| 142 |
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| 121 |
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| 115 |
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| 91 | ||
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Plus: Distributed earnings from equity investees |
| - |
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| - |
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| 800 |
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| 1,830 |
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| 3,073 | ||
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Less: Capitalized interest |
| 66 |
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| 54 |
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| 85 |
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| 43 |
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| 24 | ||
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| Earnings | $ | 216,031 |
| $ | 223,964 |
| $ | 241,303 |
| $ | 283,810 |
| $ | 341,058 |
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Fixed Charges: |
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| Interest expense and amortization of deferred financing costs on all indebtedness | $ | 7,751 |
| $ | 13,471 |
| $ | 15,327 |
| $ | 16,967 |
| $ | 29,538 | |
| Capitalized interest |
| 66 |
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| 54 |
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| 85 |
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| 43 |
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| 24 | |
| Estimate of interest component of rental expenses |
| 2,004 |
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| 2,111 |
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| 2,401 |
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| 2,676 |
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| 2,980 | |
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| Fixed charges | $ | 9,821 |
| $ | 15,636 |
| $ | 17,813 |
| $ | 19,686 |
| $ | 32,542 |
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Ratio of earnings to fixed charges |
| 22.0x |
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| 14.3x |
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| 13.5x |
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| 14.4x |
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| 10.5x |