Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
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|
|
Year Ended December 31, |
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||||||||
|
2017 |
2016 |
2015 |
2014 |
2013 |
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|
(thousands) |
|||||||||||
|
Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax income from continuing operations before adjustment for noncontrolling interest and income or loss from equity investees |
|
290,551 |
|
336,008 |
|
355,238 |
|
513,861 |
|
419,327 |
|
|
Add |
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Charges |
|
41,058 |
|
31,688 |
|
32,258 |
|
32,942 |
|
35,302 |
|
|
Amortization of capitalized interest |
|
1,519 |
|
1,672 |
|
1,788 |
|
1,638 |
|
1,757 |
|
|
Distributed income of equity investees |
|
25,401 |
|
6,031 |
|
444 |
|
490 |
|
870 |
|
|
Less |
|
|
|
|
|
|
|
|
|
|
|
|
Capitalized interest |
|
551 |
|
358 |
|
695 |
|
833 |
|
8,992 |
|
|
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
|
— |
|
— |
|
— |
|
(16) |
|
— |
|
|
Total |
|
357,978 |
|
375,041 |
|
389,033 |
|
548,114 |
|
448,264 |
|
|
Fixed Charges |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
36,280 |
|
29,405 |
|
29,804 |
|
30,814 |
|
24,969 |
|
|
Capitalized interest |
|
551 |
|
358 |
|
695 |
|
833 |
|
8,992 |
|
|
Amortization of debt costs |
|
3,104 |
|
1,264 |
|
1,349 |
|
1,099 |
|
1,113 |
|
|
Interest element of rentals |
|
1,123 |
|
661 |
|
410 |
|
196 |
|
228 |
|
|
Total |
|
41,058 |
|
31,688 |
|
32,258 |
|
32,942 |
|
35,302 |
|
|
Ratio |
|
8.72 |
|
11.84 |
|
12.06 |
|
16.64 |
|
12.70 |
|