EXHIBIT 12.1
MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(add 000, except ratio)
For the Three Months Ended March 31, | For the Year Ended December 31, | |||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
EARNINGS: | ||||||||||||||||||||||||
Earnings before income taxes* | $ | 56,862 | $ | 607,086 | $ | 413,655 | $ | 250,485 | $ | 166,131 | $ | 101,860 | ||||||||||||
Loss (Gain) from less than 50%-owned associated companies, net | (804 | ) | (10,499 | ) | (7,694 | ) | (931 | ) | 241 | 1,393 | ||||||||||||||
Interest expense** | 20,851 | 81,677 | 76,287 | 66,067 | 53,467 | 53,339 | ||||||||||||||||||
Portion of rents representative of an interest factor | 22,399 | 23,585 | 21,136 | 15,739 | 12,944 | 13,647 | ||||||||||||||||||
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Adjusted Earnings and Fixed Charges | $ | 99,308 | $ | 701,848 | $ | 503,384 | $ | 331,360 | $ | 232,783 | $ | 170,239 | ||||||||||||
FIXED CHARGES: | ||||||||||||||||||||||||
Interest expense** | $ | 20,851 | $ | 81,677 | $ | 76,287 | $ | 66,067 | $ | 53,467 | $ | 53,339 | ||||||||||||
Capitalized interest | 788 | 3,543 | 5,832 | 8,033 | 1,792 | 2,537 | ||||||||||||||||||
Portion of rents representative of an interest factor | 22,399 | 23,585 | 21,136 | 15,739 | 12,944 | 13,647 | ||||||||||||||||||
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Total Fixed Charges | $ | 44,038 | $ | 108,805 | $ | 103,255 | $ | 89,839 | $ | 68,203 | $ | 69,523 | ||||||||||||
Ratio of Earnings to Fixed Charges | 2.26 | 6.45 | 4.88 | 3.69 | 3.41 | 2.45 |
* | Represents earnings from continuing operations less net earnings (loss) attributable to noncontrolling interests. |
** | Interest expense excluded $159 for the three months ended March 31, 2017, $343 for the year ended December 31, 2016, $217 for the year ended December 31, 2015, $266 for the year ended December 31, 2014 and $1,446 for the year ended December 31, 2013 for the interest expense component associated with uncertain tax positions. Interest expense excluded $119 accrued for the interest benefit component associated with uncertain tax provisions for the year ended December 31, 2012. |