EX-12.1 2 exhibit121-jll201710kq4.htm EXHIBIT 12.1
EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges
| Year Ended December 31,
($ in millions) | 2017 | 2016 | 2015 | 2014 | 2013
Earnings: |  |  |  |  |
Net income attributable to the Company | $ | 254.2 |  | 318.2 |  | 438.7 |  | 386.1 |  | 269.8 |
Provision for income taxes | 267.8 |  | 108.0 |  | 132.8 |  | 97.6 |  | 92.1 |
Equity earnings from real estate ventures | (16.3 | ) | (17.2 | ) | (56.4 | ) | (41.1 | ) | (26.2 | )
Operating distributions from real estate ventures | 30.3 |  | 30.9 |  | 51.2 |  | 19.5 |  | 13.7 |
Fixed charges | 123.6 |  | 102.4 |  | 78.5 |  | 77.9 |  | 80.6 |
Total Earnings | $ | 659.6 |  | 542.3 |  | 644.8 |  | 540.0 |  | 430.0 |
Fixed Charges: |  |  |  |  |
Interest expense | $ | 52.9 |  | 40.1 |  | 27.4 |  | 27.3 |  | 32.5 |
Amortization of debt issuance costs | 5.0 |  | 5.6 |  | 4.1 |  | 3.6 |  | 4.4 |
Applicable portion of rent expense (1) | 65.7 |  | 56.7 |  | 47.0 |  | 47.0 |  | 43.7 |
Total Fixed Charges | $ | 123.6 |  | 102.4 |  | 78.5 |  | 77.9 |  | 80.6 |
Ratio of Earnings to Fixed Charges | 5.34 |  | 5.30 |  | 8.21 |  | 6.93 |  | 5.33 |

(1) Represents one-third of rent expense, which we believe approximates the portion of rent expense that relates to interest.