Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||||
| (In thousands) | 2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||
| Computation of Earnings: | |||||||||||||||||||
| Pre-tax earnings from continuing operations, excluding equity in earnings of unconsolidated affiliates | $ | 215,233 | $ | 255,027 | $ | 299,996 | $ | 287,154 | $ | 479,767 | |||||||||
| Plus: Fixed charges | 17,797 | 19,669 | 32,529 | 87,029 | 125,851 | ||||||||||||||
| Plus: Amortization of capitalized interest | 121 | 115 | 91 | 91 | 92 | ||||||||||||||
| Plus: Distributed earning from equity investees | 800 | 1,830 | 3,073 | 3,630 | 6,887 | ||||||||||||||
| Less: Capitalized interest | 85 | 43 | 24 | — | 42 | ||||||||||||||
| Earnings | $ | 233,866 | $ | 276,598 | $ | 335,665 | $ | 377,904 | $ | 612,555 | |||||||||
| Fixed Charges: | |||||||||||||||||||
| Interest expense and amortization of deferred financing costs on all indebtedness | $ | 15,311 | $ | 16,950 | $ | 29,525 | $ | 83,285 | $ | 121,586 | |||||||||
| Capitalized interest | 85 | 43 | 24 | — | 42 | ||||||||||||||
| Estimate of interest component of rental expenses | 2,401 | 2,676 | 2,980 | 3,744 | 4,223 | ||||||||||||||
| Fixed charges | 17,797 | 19,669 | 32,529 | 87,029 | 125,851 | ||||||||||||||
| Preferred distributions | — | — | — | 7,505 | 15,093 | ||||||||||||||
| Total combined fixed charges and preferred distributions | $ | 17,797 | $ | 19,669 | $ | 32,529 | $ | 94,534 | $ | 140,944 | |||||||||
| Ratio of earnings to fixed charges | 13.1x | 14.1x | 10.3x | 4.0x | 4.3x | ||||||||||||||