Year ended January 31, | |||||||||||||||||||
(in thousands) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
Earnings from continuing | $ | 737,537 | $ | 254,866 | $ | 643,576 | $ | 664,951 | $ | 547,434 | |||||||||
operations before | |||||||||||||||||||
income taxes | |||||||||||||||||||
Fixed charges, less | 134,822 | 133,315 | 120,054 | 114,156 | 100,634 | ||||||||||||||
capitalized interest | |||||||||||||||||||
Total earnings as defined | $ | 872,359 | $ | 388,181 | $ | 763,630 | $ | 779,107 | $ | 648,068 | |||||||||
Fixed Charges: | |||||||||||||||||||
Interest expense before | $ | 58,931 | $ | 59,599 | $ | 55,073 | $ | 43,256 | $ | 48,255 | |||||||||
capitalization of interest a | |||||||||||||||||||
Estimated interest portion | 76,894 | 74,455 | 65,493 | 71,648 | 52,296 | ||||||||||||||
of rent expense | |||||||||||||||||||
Total fixed charges b | $ | 135,825 | $ | 134,054 | $ | 120,566 | $ | 114,904 | $ | 100,551 | |||||||||
Ratio of Earnings to | 6.4x | 2.9x | 6.3x | 6.8x | 6.4x | ||||||||||||||
Fixed Charges | |||||||||||||||||||
a | Interest expense does not include interest related to uncertain tax positions and other non-third party indebtedness. |
b | Fixed charges represent interest expense (before interest is capitalized), amortization of deferred financing costs and an appropriate interest factor on operating leases. |