Please wait
 
 
 
 
 
 
 
 
Exhibit 12.1
 
Calculation of Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31,
 
(dollars in thousands)
2017

 
2016

 
2015

 
2014

 
2013

 
Earnings
 
 
 
 
 
 
 
 
 
 
Income before provision
 
 
 
 
 
 
 
 
 
 
for income taxes
$
56,637

 
$
70,318

 
$
40,123

 
$
97,356

 
$
76,247

 
Plus: fixed charges (1)
9,561

 
10,032

 
9,869

 
6,617

 
7,583

 
 
$
66,198

 
$
80,350

 
$
49,992

 
$
103,973

 
$
83,830

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Gross interest expense
7,132

 
7,722

 
7,583

 
4,394

 
5,475

 
Estimate of the interest
 
 
 
 
 
 
 
 
 
 
within operating leases
2,429

 
2,310

 
2,286

 
2,223

 
2,108

 
 
$
9,561

 
$
10,032

 
$
9,869

 
$
6,617

 
$
7,583

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to
 
 
 
 
 
 
 
 
 
 
fixed charges
6.9

x
8.0

x
5.1

x
15.7

x
11.1

x
 
 
 
 
 
 
 
 
 
 
 
(1) For purposes of calculating the ratio of earnings to fixed charges, earnings represent income before income taxes plus fixed charges. Fixed charges consist of interest expense and one-third of operating rental expenses which management believes is representative of the interest component of rent expense.