EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges
	Year Ended December 31,
(in thousands)	2015			2014		2013		2012		2011
Earnings:
Net income attributable to the Company	$	438,672		386,063		269,865		208,050		164,384
Provision for income taxes	132,805			97,588		92,092		69,244		56,387
Equity earnings from real estate ventures	(56,368		)	(41,142	)	(26,212	)	(21,885	)	(6,385	)
Operating distributions from real estate ventures	51,215			19,521		13,672		10,641		593
Fixed charges	78,501			77,955		80,608		81,569		75,237
Total Earnings	$	644,825		539,985		430,025		347,619		290,216
Fixed Charges:
Interest expense	$	27,356		27,338		32,441		33,349		33,756
Amortization of debt issuance costs	4,111			3,626		4,437		4,375		—
Applicable portion of rent expense (1)	47,034			46,991		43,730		43,845		41,481
Total Fixed Charges	$	78,501		77,955		80,608		81,569		75,237
Ratio of Earnings to Fixed Charges	8.21			6.93		5.33		4.26		3.86

(1) Represents one-third of rent expense, which we believe approximates the portion of rent expense that relates to interest.