EX-12.1 3 exhibit12111102017.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

STATEMENT REGARDING RATIO OF EARNINGS TO FIXED CHARGES

Brown & Brown’s ratio of earnings to fixed charges for each of the periods indicated as follows:

 
FOR THE NINE
MONTHS ENDED
SEPTEMBER 30,
 
FOR THE YEAR ENDED DECEMBER 31,
 
2017
 
2016
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
$
28,949

 
$
29,617

 
$
39,481

 
$
39,248

 
$
28,408

 
$
16,440

 
$
16,097

Amortized premiums, discounts and capitalized
        expenses related to indebtedness
—
 
—
 
—
 
—
 
—
 
—
 
—
Estimate of interest within rental expense
—
 
—
 
—
 
—
 
—
 
—
 
—
Preferenced security dividend requirements of
         consolidated subsidiaries
—
 
—
 
—
 
—
 
—
 
—
 
—
Total Fixed Charges
$
28,949

 
$
29,617

 
$
39,481

 
$
39,248

 
$
28,408

 
$
16,440

 
$
16,097

Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
Pretax income
$
343,388

 
$
328,598

 
$
423,499

 
$
402,559

 
$
339,749

 
$
357,609

 
$
304,811

Addback
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
28,949

 
29,617

 
39,481

 
39,248

 
28,408

 
16,440

 
16,097

Amortization of capitalized interest
—
 
—
 
—
 
—
 
—
 
—
 
—
Distributed income of equity investees
—
 
—
 
—
 
—
 
—
 
—
 
—
Losses of equity investees
—
 
—
 
—
 
—
 
—
 
—
 
—
Less
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
 
 
 
 
 
 
 
 
 
 
 
 
Preference security divided requirement of
         Consolidated subsidiaries
—
 
—
 
—
 
—
 
—
 
—
 
—
Minority interest in pre-tax income
—
 
—
 
—
 
—
 
—
 
—
 
—
Total Earnings
$
372,337

 
$
358,215

 
$
462,980

 
$
441,807

 
$
368,157

 
$
374,049

 
$
320,908

Ratio of Earnings to Fixed Charges
12.9

 
        12.1

 
11.7

 
11.3

 
       13.0

 
        22.8

 
        19.9