|
Year Ended December 31
|
||||||||||||||||||||
|
2017
|
2016
|
2015
|
2014
|
2013
|
||||||||||||||||
|
Earnings:
|
||||||||||||||||||||
|
Income (loss) from continuing operations before income taxes and equity in earnings (losses) of affiliates
|
$
|
186,038
|
$
|
258,595
|
$
|
(120,193
|
)
|
$
|
977,333
|
$
|
92,016
|
|||||||||
|
Add: Fixed charges
|
60,773
|
64,347
|
67,873
|
71,753
|
75,566
|
|||||||||||||||
|
Amortization of capitalized interest
|
9
|
–
|
–
|
–
|
–
|
|||||||||||||||
|
Distributed income of equity-method investees
|
397
|
922
|
421
|
3,853
|
14,876
|
|||||||||||||||
|
Subtract: Interest capitalized
|
(281
|
)
|
(388
|
)
|
–
|
–
|
–
|
|||||||||||||
|
Noncontrolling interest
|
(730
|
)
|
(1,423
|
)
|
(2,352
|
)
|
956
|
(787
|
)
|
|||||||||||
|
Total earnings
|
$
|
246,206
|
$
|
322,053
|
$
|
(54,251
|
)
|
$
|
1,053,895
|
$
|
181,671
|
|||||||||
|
Fixed charges:
|
||||||||||||||||||||
|
Interest expensed and capitalized (a)
|
$
|
33,740
|
$
|
35,380
|
$
|
33,673
|
$
|
36,586
|
$
|
36,066
|
||||||||||
|
Portion of rent expense representative of interest (b)
|
27,033
|
28,967
|
34,200
|
35,167
|
39,500
|
|||||||||||||||
|
Total fixed charges
|
$
|
60,773
|
$
|
64,347
|
$
|
67,873
|
$
|
71,753
|
$
|
75,566
|
||||||||||
|
Ratio of earnings to fixed charges
|
4.1
|
5.0
|
*
|
14.7
|
2.4
|
|||||||||||||||
| * |
The ratio coverage in 2015 was less than 1:1. The Company would have needed to generate additional earnings of $122,124 thousand to achieve a coverage of 1:1 in 2015.
|
| (a) |
Interest expense includes amortization of debt discount and other debt costs. Interest expense does not include interest related to liabilities for uncertain tax positions of $427 thousand for 2017; $398 thousand for 2016; and $284 thousand for 2015.
|
| (b) |
Rent expense included in the computation consists of one-third of total Company rental expense, which the Company believes is a reasonable estimate of an interest factor in the Company’s leases.
|