EX-12.1 3 a2219047zex-12_1.htm EX-12.1

EXHIBIT 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

For the five years ended December 31, 2013, the computation of ratio of earnings to fixed charges is as follows (dollars in thousands):

 

 

 

2013

 

2012

 

2011

 

2010

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

$

401,162

 

$

329,693

 

$

319,587

 

$

247,547

 

$

168,019

 

Add:

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

257,398

 

254,161

 

268,940

 

313,161

 

180,293

 

Amortization of capitalized interest

 

—

 

—

 

—

 

—

 

—

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

—

 

—

 

—

 

—

 

—

 

Total earnings

 

$

658,560

 

$

583,854

 

$

588,527

 

$

560,708

 

$

348,312

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense inclusive of amortized premiums, discounts and capitalized expenses related to indebtedness

 

$

257,322

 

$

254,073

 

$

268,834

 

$

313,032

 

$

180,132

 

Interest capitalized

 

—

 

—

 

—

 

—

 

—

 

Estimate of the interest component of rental expense

 

76

 

88

 

106

 

129

 

161

 

Total fixed charges

 

$

257,398

 

$

254,161

 

$

268,940

 

$

313,161

 

$

180,293

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges 

 

2.56

 

2.30

 

2.19

 

1.79

 

1.93