EX-12 3 exhibit12earningstofixedch.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 Earnings to Fixed Charges 12-31-13


Exhibit 12

Computation of Ratio of Earnings to Fixed Charges
(In Thousands)


 
 
Twelve Months Ended December 31,
 
 
2013

 
2012

 
2011

 
2010

 
2009

Earnings:
 
 
 
 
 
 
 
 
 
 
     Income from continuing operations before income taxes
 
$
46,075

 
$
406,687

 
$
872,925

 
$
430,958

 
$
737,217

     Fixed charges, as shown below
 
292,958

 
285,784

 
289,123

 
240,177

 
61,573

     Equity in income of investees
 
(33,133
)
 
(27,048
)
 
(24,663
)
 
(21,428
)
 
(15,707
)
     Noncontrolling Interest
 
1,386

 
397

 
—

 
(11,845
)
 
(27,425
)
Adjusted Earnings
 
$
307,286

 
$
665,820

 
$
1,137,385

 
$
637,862

 
$
755,658

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
     Interest on indebtedness, expensed or capitalized
 
$
262,915

 
$
258,096

 
$
263,891

 
$
218,425

 
$
43,290

     Interest within rent expense
 
30,043

 
27,688

 
25,232

 
21,752

 
18,283

Total Fixed Charges
 
$
292,958

 
$
285,784

 
$
289,123

 
$
240,177

 
$
61,573

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
1.05


2.33

 
3.93

 
2.66

 
12.27