EX-12.1 5 a13-19775_1ex12d1.htm EX-12.1

EXHIBIT 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Nine Months Ended
September 30,

 

(In thousands, except ratios)

 

2013

 

2012

 

 

 

(unaudited)

 

Earnings:

 

 

 

 

 

Net income

 

$

131,564

 

$

92,110

 

Add:

 

 

 

 

 

Provision for income taxes

 

71,307

 

50,577

 

Fixed charges

 

165,896

 

117,201

 

Less:

 

 

 

 

 

Capitalized interest

 

(23,124

)

(13,698

)

Earnings as adjusted (A)

 

$

345,643

 

$

246,190

 

Fixed charges:

 

 

 

 

 

Interest expense

 

$

142,215

 

$

102,861

 

Capitalized interest

 

23,124

 

13,698

 

Interest factors of rents (1)

 

557

 

642

 

Fixed charges as adjusted (B)

 

$

165,896

 

$

117,201

 

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

 

2.08

 

2.10

 

 

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