EX-12.1 3 al-20150930ex12183e948.htm EX-12.1 al_Ex12_1

 

EXHIBIT 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

Nine Months Ended
 September 30,

 

(In thousands, except ratios)

 

2015

 

2014

 

 

 

(unaudited)

 

Earnings:

 

 

 

 

 

Net income

    
$
172,492 

    
$
185,867 

 

Add:

 

 

 

 

 

Provision for income taxes

 
95,233 

 
100,799 

 

Fixed charges

 
227,397 

 
193,546 

 

Less:

 

 

 

 

 

Capitalized interest

 
(30,499)

 
(31,907)

 

Earnings as adjusted (A)

 
$
464,623 

 
$
448,305 

 

Fixed charges:

 

 

 

 

 

Interest expense

 
$
196,436 

 
$
161,177 

 

Capitalized interest

 
30,499 

 
31,907 

 

Interest factors of rents (1)

 
462 

 
462 

 

Fixed charges as adjusted (B)

 
$
227,397 

 
$
193,546 

 

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

 
2.04 

 
2.32 

 

(1)

Estimated to be 1/3 of rent expense.