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 |
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| 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 | |||||||||||||||||||||
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| Total earnings |
$ | 1,148,606 | $ | 1,217,964 | $ | 1,181,922 | $ | 1,202,648 | $ | 1,049,024 | $ | 271,085 | $ | 497,942 | ||||||||||||||
| Fixed Charges |
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| 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 | |||||||||||||||||||||
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| 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 | x | 1.70 | x | 1.63 | x | 1.69 | x | 1.51 | x | 1.53 | x | * | |||||||||||||||
| * | For the six months ended June 30, 2014, earnings were insufficient to cover fixed charges by approximately $37 million. |