EX-12.1 9 al-20171231ex121565f8e.htm EX-12.1 al_Ex_12_1

EXHIBIT 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Year Ended

 

 

 

December 31,

 

(in thousands, except ratio)

    

2017

    

2016

    

2015

    

2014

    

2013

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
756,152

 

$
374,925

 

$
253,391

 

$
255,998

 

$
190,411

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 
(146,622)

 

 
205,313

 

 
139,562

 

 
138,778

 

 
103,031

 

Fixed charges

 

 
334,186

 

 
327,814

 

 
306,937

 

 
263,982

 

 
225,740

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

 
(46,049)

 

 
(40,883)

 

 
(40,118)

 

 
(42,775)

 

 
(32,659)

 

Earnings as adjusted (A)

 

$
897,667

 

$
867,169

 

$
659,772

 

$
615,983

 

$
486,523

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$
287,371

 

$
286,201

 

$
266,144

 

$
220,590

 

$
192,370

 

Capitalized interest

 

 
46,049

 

 
40,883

 

 
40,118

 

 
42,775

 

 
32,659

 

Interest factors of rents(1)

 

 
766

 

 
730

 

 
675

 

 
617

 

 
711

 

Fixed charges as adjusted (B)

 

$
334,186

 

$
327,814

 

$
306,937

 

$
263,982

 

$
225,740

 

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

 

 
2.69

 

 
2.65

 

 
2.15

 

 
2.33

 

 
2.16

 

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