EX-12.1 2 exhibit121-jll201610kq4.htm EXHIBIT 12.1 Exhibit




EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges
 
Year Ended December 31,
($ in millions)
2016
2015
2014
2013
2012
Earnings:
 
 
 
 
 
Net income attributable to the Company
$
318.2

438.7

386.1

269.8

208.1

Provision for income taxes
108.0

132.8

97.6

92.1

69.2

Equity earnings from real estate ventures
(17.2
)
(56.4
)
(41.1
)
(26.2
)
(21.9
)
Operating distributions from real estate ventures
30.9

51.2

19.5

13.7

10.6

Fixed charges
102.4

78.5

77.9

80.6

81.6

Total Earnings
$
542.3

644.8

540.0

430.0

347.6

Fixed Charges:
 
 
 
 
 
Interest expense
$
40.1

27.4

27.3

32.5

33.4

Amortization of debt issuance costs
5.6

4.1

3.6

4.4

4.4

Applicable portion of rent expense (1)
56.7

47.0

47.0

43.7

43.8

Total Fixed Charges
$
102.4

78.5

77.9

80.6

81.6

Ratio of Earnings to Fixed Charges
5.30

8.21

6.93

5.33

4.26

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