EX-12.1 3 mtz9301710-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
 
2017
 
2016
Earnings:
 
 
 
Income before income taxes
$
314,330

 
$
132,417

Add: Fixed charges
186,966

 
134,944

Less: Undistributed earnings from equity method investees
15,105

 
3,549

Total earnings
$
486,191

 
$
263,812

Fixed charges:
 
 
 
Interest expense
$
45,140

 
$
38,553

Estimate of interest expense within rental expense
141,826

 
96,391

Total fixed charges
$
186,966

 
$
134,944

Ratio of earnings to fixed charges
2.6

 
2.0