EX-12.1 174 d775941dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(DOLLARS IN THOUSANDS)

 

     Year Ended December 31,     Six Months Ended June 30,  
     2009     2010     2011     2012     2013     2013     2014  

Earnings

              

Income (loss) from continuing operations before provision for income taxes

   $ 450,918      $ 521,449      $ 484,457      $ 521,846      $ 346,121      $ 74,195      $ (24,166

Income from equity investees

     (36,531     (45,443     (49,491     (42,033     (42,641     (9,054     (22,557

Distributed income from equity investees

     33,705        33,882        39,995        32,255        58,692        30,034        9,972   

Interest and amortization of deferred finance costs

     641,252        645,689        642,526        620,957        613,122        154,559        477,977   

Amortization of capitalized interest

     2,021        2,421        2,880        3,519        4,009        3,936        4,234   

Implicit rental interest expense

     57,241        59,966        61,555        66,104        69,721        17,415        52,482   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings

   $ 1,148,606      $ 1,217,964      $ 1,181,922      $ 1,202,648      $ 1,049,024      $ 271,085      $ 497,942   

Fixed Charges

              

Interest and amortization of deferred finance costs

   $ 641,252      $ 645,689      $ 642,526      $ 620,957      $ 613,122      $ 154,559      $ 477,977   

Capitalized interest

     16,648        11,312        20,860        23,834        10,475        5,371        4,751   

Implicit rental interest expense

     57,241        59,966        61,555        66,104        69,721        17,415        52,482   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 715,141      $ 716,967      $ 724,941      $ 710,895      $ 693,318      $ 177,345      $ 535,210   

Ratio of earnings to fixed charges

     1.61     1.70     1.63     1.69     1.51     1.53     *   

 

* For the six months ended June 30, 2014, earnings were insufficient to cover fixed charges by approximately $37 million.