EX-12.1 6 a13-8646_1ex12d1.htm EX-12.1

EXHIBIT 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Three Months Ended
March 31,

 

(In thousands, except ratios)

 

2013

 

2012

 

 

 

(unaudited)

 

Earnings:

 

 

 

 

 

Net income

 

$

39,996

 

$

26,927

 

Add:

 

 

 

 

 

Provision for income taxes

 

21,676

 

14,683

 

Fixed charges

 

52,562

 

28,926

 

Less:

 

 

 

 

 

Capitalized interest

 

(6,899

)

(3,949

)

Earnings as adjusted (A)

 

$

107,335

 

$

66,587

 

Fixed charges:

 

 

 

 

 

Interest expense

 

$

45,440

 

$

24,781

 

Capitalized interest

 

6,899

 

3,949

 

Interest factors of rents (1)

 

223

 

196

 

Fixed charges as adjusted (B)

 

$

52,562

 

$

28,926

 

Ratio of earnings to fixed charges ((A) divided by (B))

 

2.04

 

2.30

 

 

(1)    Estimated to be 1/3 of rent expense.