EX-12.1 2 mtz9301810-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,
 
2018
 
2017
Earnings:
 
 
 
Income before income taxes
$
299,405

 
$
314,330

Add: Fixed charges
204,988

 
186,966

Less: Undistributed earnings from equity method investments, net
(8,206
)
 
(15,105
)
Total earnings
$
496,187

 
$
486,191

Fixed charges:
 
 
 
Interest expense
$
63,393

 
$
45,140

Estimate of interest expense within rental expense
141,595

 
141,826

Total fixed charges
$
204,988

 
$
186,966

Ratio of earnings to fixed charges
2.4

 
2.6