EX-12.1 5 a14-8274_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)

 

2014

 

2013

 

 

 

(unaudited)

Earnings:

 

 

 

 

 

Net income

 

61,397

 

39,996

 

Add:

 

 

 

 

 

Provision for income taxes

 

33,312

 

21,676

 

Fixed charges

 

61,393

 

52,562

 

Less:

 

 

 

 

 

Capitalized interest

 

(10,391

)

(6,899

)

Earnings as adjusted (A)

 

145,711

 

107,335

 

Fixed charges:

 

 

 

 

 

Interest expense

 

50,848

 

45,440

 

Capitalized interest

 

10,391

 

6,899

 

Interest factors of rents (1)

 

154

 

223

 

Fixed charges as adjusted (B)

 

61,393

 

52,562

 

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

 

2.37

 

2.04

 

 

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