EX-12 2 hw-20160930ex12c7a7b2b.htm EX-12 hw_Ex12

Exhibit 12

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

    

    

    

 

 

Year Ended September 30,

 

(dollars in thousands)

    

2012*

    

2013

    

2014

    

2015

    

2016

 

Fixed Charges Computation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized(1)

 

$
38,809 

 

$
37,100 

 

$
44,768 

 

$
58,681 

 

$
39,312 

 

Amortized premiums, discounts, and capitalized expenses related to indebtedness

 

 
14,184 

 

 
5,841 

 

 
2,175 

 

 
6,179 

 

 
3,973 

 

Reasonable approximation of interest within rental expense

 

 
3,106 

 

 
3,454 

 

 
3,342 

 

 
3,437 

 

 
3,615 

 

Total Fixed Charges and Preferred Equity Dividends

 

$
56,099 

 

$
46,395 

 

$
50,285 

 

$
68,297 

 

$
46,900 

 

Earnings Computation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre‑tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees

 

$
(16,454)

 

$
12,209 

 

$
20,576 

 

$
37,932 

 

$
72,479 

 

Plus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 
56,099 

 

 
46,395 

 

 
50,285 

 

 
68,297 

 

 
46,900 

 

Minus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

 
137 

 

 
192 

 

 
427 

 

 
585 

 

 
837 

 

Total Earnings

 

$
39,508 

 

$
58,412 

 

$
70,434 

 

$
105,644 

 

$
118,542 

 

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

 
0.70 

 

 
1.26 

 

 
1.40 

 

 
1.55 

 

 
2.53 

 

*    The deficiency of earnings to fixed charges for the year ended September 30, 2012 was $16.6 million.

(1)

Interest expense associated with unrecognized tax benefits is included in income tax expense, not with interest expense.