Please wait


Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of consolidated earnings to fixed charges for the periods presented:
 
For the nine months ended September 30,
 
For the year ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
 
2010
 
(Dollars in thousands, unaudited)
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Pretax income
$
204,286

 
$
164,400

 
$
191,895

 
$
160,735

 
$
132,094

 
$
80,904

Add:
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
80,644

 
105,739

 
97,233

 
84,395

 
78,429

 
79,342

Less:
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest
(436)

 
(731)

 
(805)

 
(689)

 
(635)

 
(131)

Total Earnings
$
284,494

 
$
269,408

 
$
288,323

 
$
244,441

 
$
209,888

 
$
160,115

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
$
71,108

 
$
91,306

 
$
80,639

 
$
69,261

 
$
61,409

 
$
61,327

Estimated interest within rent expense
9,100

 
13,702

 
15,789

 
14,445

 
16,385

 
17,884

Capitalized interest
436

 
731

 
805

 
689

 
635

 
131

Total Fixed Charges
$
80,644

 
$
105,739

 
$
97,233

 
$
84,395

 
$
78,429

 
$
79,342

Ratio of Earnings to Fixed Charges
3.5

 
2.5

 
3.0

 
2.9

 
2.7

 
2.0




II-15