EX-12.01 7 ua-12312017xex1201.htm EXHIBIT 12.01 Exhibit



Exhibit 12.01
    
Computation of Ratio of Earnings to Fixed Charges
(In thousands)
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
Income (loss) before taxes
 
$
(10,309
)
 
$
388,282

 
$
386,685

 
$
342,210

 
$
260,993

Fixed charges, less capitalized interest
 
80,167

 
61,998

 
42,328

 
25,340

 
16,861

Amortization of capitalized interest
 
181

 
96

 
318

 
—

 
200

Total earnings
 
70,039

 
450,376

 
429,331

 
367,550

 
278,054

 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
 
33,429

 
25,726

 
14,655

 
5,527

 
3,026

Estimate of interest within rental expense (1)
 
47,274

 
37,164

 
28,585

 
19,812

 
13,905

Total fixed charges
 
$
80,703

 
$
62,890

 
$
43,240

 
$
25,339

 
$
16,931

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to fixed charges (2)
 
—

 
7.2

 
9.9

 
14.5

 
16.4

 
 
 
 
 
 
 
 
 
 
 
(1) Represents one third of rental expenses which is considered representative of the interest factor of operating leases.

(2) In 2017, our earnings were insufficient to cover our fixed charges by approximately $10.7 million.