EX-12 2 a2019q3exhibit12.htm EXHIBIT 12 Exhibit


Exhibit 12

Computation of Ratio of Earnings to Fixed Charges
(in thousands, except for ratio)

 
Nine Months Ended September 30,
 
2019
Earnings:
 
Income before income taxes
$
222,613

Add: Fixed Charges
65,381

Add: Amortization of capitalized interest
171

Less: Interest capitalized
3,444

Less: Earnings from joint venture, net
115

Total earnings
$
284,606

 
 
Fixed charges:
 
Interest costs (1)
$
61,975

Interest factor of operating lease expense (2)
3,406

Total fixed charges
$
65,381

 
 
Ratio of earnings to fixed charges (3)
4.35


(1)
Interest costs include both interest expensed and capitalized, including amortization of deferred financing costs and original issue discount on debt.
(2)
Interest factor of operating lease expense is based on an estimate which the Company considers to be a reasonable approximation.
(3)
The ratio of earnings to fixed charges was computed by dividing earnings by fixed charges.