Year ended December 31, | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Earnings: income before income taxes | $ | 734,467 | $ | 550,528 | $ | 61,538 | $ | 895,403 | $ | 539,861 | |||||||||||
Add: fixed charges | 67,944 | 67,898 | 66,185 | 58,010 | 34,061 | ||||||||||||||||
Earnings for computation | $ | 802,411 | $ | 618,426 | $ | 127,723 | $ | 953,413 | $ | 573,922 | |||||||||||
Assumed interest component of rent expense(1) | $ | 8,866 | $ | 8,849 | $ | 7,163 | $ | 5,798 | $ | 4,860 | |||||||||||
Interest expense | 59,078 | 59,049 | 59,022 | 52,212 | 29,201 | ||||||||||||||||
Total fixed charges | $ | 67,944 | $ | 67,898 | $ | 66,185 | $ | 58,010 | $ | 34,061 | |||||||||||
Ratio of earnings to fixed charges | 11.8 | 9.1 | 1.9 | 16.4 | 16.8 | ||||||||||||||||
Preferred share dividends(2) | $ | 40,474 | $ | 38,228 | $ | 36,875 | $ | 36,875 | $ | 36,875 | |||||||||||
Total fixed charges and preferred share dividends | $ | 108,418 | $ | 106,126 | $ | 103,060 | $ | 94,885 | $ | 70,936 | |||||||||||
Ratio of earnings to fixed charges and preferred | |||||||||||||||||||||
share dividends | 7.4 | 5.8 | 1.2 | 10.0 | 8.1 | ||||||||||||||||
(1) | 33.3% represents a reasonable approximation of the interest factor. |
(2) | Dividends have been tax effected at a 0% rate because it is presumed they will be funded from a Bermuda entity. |