EX-12.1 3 a2235552zex-12_1.htm EX-12.1

Exhibit 12.1

 

Calculation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(Dollars in thousands)

 

 

 

Year Ended December 31,

 

 

 

2017

 

2016

 

2015

 

2014

 

2013

 

Income before income taxes and noncontrolling interest

 

113,164

 

179,591

 

215,929

 

193,558

 

187,600

 

Financing interest expense on long-term borrowings

 

64,107

 

28,327

 

29,254

 

30,894

 

24,646

 

Earnings available for fixed charges

 

177,271

 

207,918

 

245,183

 

224,452

 

212,246

 

Fixed charges

 

64,107

 

28,327

 

29,254

 

30,894

 

24,646

 

Ratio of earnings to fixed charges

 

2.8x

 

7.3x

 

8.4x

 

7.3x

 

8.6x