EX-12 4 d688727dex12.htm EX-12 EX-12

EXHIBIT 12

Statement Regarding Computation of Ratio of Earnings to Fixed Charges

     Years Ended December 31,  

(dollar amounts in thousands)

   2013      2012      2011      2010      2009  

Earnings from continuing operations before provision for income taxes

   $ 1,237,412       $ 1,137,571       $ 1,010,262       $ 813,122       $ 515,282   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Add fixed charges:

              

Interest expense

     124,647         125,995         124,783         115,324         116,048   

Rental Expense

     91,209         80,350         76,529         65,080         63,415   

Rent expense (interest portion)

     30,555         26,917         25,637         21,802         21,244   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed charges

     155,202         152,912         150,420         137,126         137,292   

Earnings as adjusted

   $ 1,392,614       $ 1,290,483       $ 1,160,682       $ 950,248       $ 652,574   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratio of earnings to fixed charges

     8.97         8.44         7.72         6.93         4.75   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

The earnings to fixed charges ratio is calculated by dividing earnings available for fixed charges for each period by fixed charges for that period. Earnings available for fixed charges is calculated by adding pre-tax income from continuing operations and fixed charges. Fixed charges are the sum of interest expense, the amount amortized from debt financing costs, and an estimate of the amount of interest within the Company’s rental expense. All interest expense for the Company is classified within continuing operations.