EX-12.1 3 mtz9301610-qex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollar amounts in thousands)
 
For the Nine Months Ended September 30,
 
2016
 
2015
Earnings:
 
 
 
Income before income taxes
$
132,417

 
$
522

Add: Fixed charges
134,944

 
105,780

Less: Undistributed earnings (losses) from equity method investees
3,549

 
(3,594
)
Total earnings
$
263,812

 
$
109,896

Fixed charges:
 
 
 
Interest expense
$
38,553

 
$
36,320

Estimate of interest expense within rental expense
96,391

 
69,460

Total fixed charges
$
134,944

 
$
105,780

Ratio of earnings to fixed charges
2.0

 
1.0