COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands, except ratios; unaudited)
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Three Months Ended March 31, |
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|
|
2018 |
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|
Earnings: |
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|
| |
|
Income before income taxes |
|
$ |
6,359 |
|
|
|
|
|
| |
|
Plus fixed charges deducted from income: |
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|
| |
|
Interest expense |
|
2,398 |
| |
|
Amortization of debt financing fees |
|
201 |
| |
|
Implicit interest in rents |
|
967 |
| |
|
|
|
|
| |
|
Total Earnings (x) |
|
$ |
9,925 |
|
|
|
|
|
| |
|
Fixed Charges: |
|
|
| |
|
Interest expense |
|
2,398 |
| |
|
Capitalized interest |
|
146 |
| |
|
Amortization of debt financing fees |
|
201 |
| |
|
Implicit interest in rents |
|
967 |
| |
|
|
|
|
| |
|
Total Fixed Charges (y) |
|
$ |
3,712 |
|
|
|
|
|
| |
|
Ratio of Earnings to Fixed Charges(1) |
|
2.7 |
| |
|
|
|
Year Ended December 31, |
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2017 |
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2016 |
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2015 |
|
2014 |
|
2013 |
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Earnings: |
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|
|
|
|
|
|
|
|
|
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|
Income before income taxes |
|
$ |
35,882 |
|
$ |
25,386 |
|
$ |
31,200 |
|
$ |
31,572 |
|
$ |
19,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Plus fixed charges deducted from income: |
|
|
|
|
|
|
|
|
|
|
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|
Interest expense |
|
7,736 |
|
8,798 |
|
6,229 |
|
8,829 |
|
8,044 |
| |||||
|
Amortization of debt financing fees |
|
685 |
|
952 |
|
987 |
|
987 |
|
845 |
| |||||
|
Implicit interest in rents |
|
3,437 |
|
3,089 |
|
2,884 |
|
2,179 |
|
1,488 |
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|
|
|
|
|
|
|
|
|
|
|
|
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|
Total Earnings (x) |
|
$ |
47,740 |
|
$ |
38,225 |
|
$ |
41,300 |
|
$ |
43,567 |
|
$ |
30,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
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|
Interest expense |
|
7,736 |
|
8,798 |
|
6,229 |
|
8,829 |
|
8,044 |
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|
Capitalized interest |
|
513 |
|
460 |
|
325 |
|
389 |
|
1,038 |
| |||||
|
Amortization of debt financing fees |
|
685 |
|
952 |
|
987 |
|
987 |
|
845 |
| |||||
|
Implicit interest in rents |
|
3,437 |
|
3,089 |
|
2,884 |
|
2,179 |
|
1,488 |
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|
|
|
|
|
|
|
|
|
|
|
|
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|
Total Fixed Charges (y) |
|
$ |
12,371 |
|
$ |
13,299 |
|
$ |
10,425 |
|
$ |
12,385 |
|
$ |
11,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Ratio of Earnings to Fixed Charges(1) |
|
3.9 |
|
2.9 |
|
4.0 |
|
3.5 |
|
2.6 |
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(1) The ratio of earnings to fixed charges is computed by dividing (x) total earnings by (y) fixed charges.