EX-12.1 3 mtz12311510-kex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Statement Regarding Computation of Ratio of Earnings to Fixed Charges


Ratio of Earnings to Fixed Charges (dollar amounts in thousands):

 
For the Years Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Earnings:
 
 
 
 
 
 
 
 
 
(Loss) income from continuing operations before income taxes
$
(67,746
)
 
$
198,430

 
$
240,214

 
$
192,719

 
$
159,280

Add: Fixed charges
141,403

 
138,618

 
131,281

 
111,949

 
91,259

Less: Undistributed (losses) earnings from equity method investees
(7,978
)
 
(269
)
 
—

 
—

 
39

Total earnings
$
81,635

 
$
337,317

 
$
371,495

 
$
304,668

 
$
250,500

Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
48,729

 
$
50,898

 
$
46,804

 
$
37,784

 
$
35,006

Estimate of interest expense within rental expense
92,674

 
87,720

 
84,477

 
74,165

 
56,253

Total fixed charges
$
141,403

 
$
138,618

 
$
131,281

 
$
111,949

 
$
91,259

Ratio of earnings to fixed charges
0.6

 
2.4

 
2.8

 
2.7

 
2.7