EX-12.1 6 d290901dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

 

Ratio of Earnings to Fixed Charges    Fiscal Year Ended  
     December 3,
2016
    November 28,
2015
    November 29,
2014
    November 30,
2013
    December 1,
2012
 

Ratio of Earnings to Fixed Charges:

          

(dollars in thousands)

          

Earnings:

          

+ Pre Tax Income from Continuing Operations Before Adjustment for Income of Loss from Equity Investees

     167,425        138,345        79,312        127,544        89,548   

+ Fixed charges

     31,964        28,962        26,813        24,856        23,279   

+ Amortization of capitalized interest

     520        513        377        281        273   

+ Distributed income from equity investees

     3,692        2,865        2,330        12,939        4,783   

- Interest Capitalized

     (752     (136     (2,725     (1,921     (151

- Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges

     (329     (520     (483     (528     (320
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Earnings:

     202,520        170,029        105,624        163,171        117,412   

Fixed Charges:

          

+ Interest expensed and capitalized

     28,111        25,157        22,469        21,041        19,944   

+ An estimate of the interest within rental expense

     3,853        3,805        4,344        3,815        3,335   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges:

     31,964        28,962        26,813        24,856        23,279   

Ratio of Earnings to Fixed Charges (1)

     6.3        5.9        3.9        6.6        5.0   

 

(1) The ratios of earnings to fixed charges were computed by dividing earnings by fixed charges. For this purpose, “earnings” consist of income from continuing operations before taxes plus fixed charges, plus amortization of capitalized interest (estimated using 20-year average amortization), plus distributed income from equity investments, less capitalized interest, less noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges. “Fixed charges” consist of interest expensed (includes amortized premiums, discounts and capitalized expenses related to indebtedness) and interest capitalized, and interest included in rental expense on operating leases (estimated at 30% of lease expense).