EX-12.1 2 form10k2015ex121.htm FORM 10-K, EXHIBIT 12.1
 
Exhibit 12.1

 Computation of Ratios of Earnings to Fixed Charges

The following table sets forth certain information regarding our consolidated ratio of earnings to fixed charges for the five-year period ended December 31, 2015.

 
  
Year Ending December 31,
  
 
  
2015
    
2014
    
2013
    
2012
    
2011
  
(In thousands, except ratio data)
  
   
   
   
   
 
Income before taxes
  
$
139,025
    
$
168,283
    
$
143,007
    
$
106,692
    
$
104,617
  
Fixed charges
    
8,672
      
7,687
      
10,066
      
15,442
      
14,317
  
Adjusted earnings
    
147,697
      
175,970
      
153,073
      
122,134
      
118,934
  
 
                                        
Interest expense
    
8,636
      
7,653
      
10,033
      
15,401
      
14,276
  
Interest portion of operating leases
    
36
      
34
      
33
      
41
      
41
  
Fixed charges
  
$
8,672
    
$
7,687
    
$
10,066
    
$
15,442
    
$
14,317
  
 
                                        
Ratio of earnings to fixed charges (a)
    
17.0
      
22.9
      
15.2
      
7.9
      
8.3
  

(a) These ratios were calculated by dividing the sum of fixed charges into the sum of earnings before taxes and noncontrolling interest and fixed charges. Fixed charges for these purposes consist of all interest expense and the approximate portion of rental expense representing interest.