EX-12.1 28 d745001dex121.htm EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

|  | Three Months Ended |  |  |  |
|  | March 31, |  |  | Year Ended December 31, |
|  | Pro forma 2014 |  |  | 2014 |  |  | Pro forma 2013 |  |  | 2013 |  |  | 2012 |  |  | 2011 |  |  | 2010 |  |  | 2009 |
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations before income taxes |  | $ | 26,714 |  |  | $ | 29,008 |  |  | $ | 108,762 |  |  | $ | 120,192 |  |  | $ | 122,237 |  |  | $ | 107,087 |  |  | $ | 79,171 |  |  | $ | 60,245 |
Fixed charges |  |  | 13,955 |  |  |  | 11,660 |  |  |  | 35,006 |  |  |  | 16,987 |  |  |  | 12,961 |  |  |  | 9,274 |  |  |  | 8,027 |  |  |  | 7,096 |
Amortization of capitalized interest |  |  | 356 |  |  |  | 161 |  |  |  | 1,422 |  |  |  | 186 |  |  |  | 91 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Less: Capitalized interest |  |  | (6,589 | ) |  |  | (6,589 | ) |  |  | (6,589 | ) |  |  | 0 |  |  |  | (493 | ) |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total earnings |  | $ | 34,436 |  |  | $ | 34,240 |  |  | $ | 138,601 |  |  | $ | 137,365 |  |  | $ | 134,796 |  |  | $ | 116,361 |  |  | $ | 87,198 |  |  | $ | 67,341 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, excluding amortization of capitalized interest |  | $ | 3,375 |  |  | $ | 1,275 |  |  | $ | 13,500 |  |  | $ | 3,306 |  |  | $ | 1,397 |  |  | $ | 135 |  |  | $ | 391 |  |  | $ | 765 |
Amortization of capitalized interest |  |  | 356 |  |  |  | 161 |  |  |  | 1,422 |  |  |  | 186 |  |  |  | 91 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Capitalized interest |  |  | 6,589 |  |  |  | 6,589 |  |  |  | 6,589 |  |  |  | 0 |  |  |  | 493 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Portion of rent expense representative of interest |  |  | 3,635 |  |  |  | 3,635 |  |  |  | 13,495 |  |  |  | 13,495 |  |  |  | 10,980 |  |  |  | 9,139 |  |  |  | 7,636 |  |  |  | 6,331 |
Total fixed charges |  | $ | 13,955 |  |  | $ | 11,660 |  |  | $ | 35,006 |  |  | $ | 16,987 |  |  | $ | 12,961 |  |  | $ | 9,274 |  |  | $ | 8,027 |  |  | $ | 7,096 |
Ratio of earnings to fixed charges (1) |  |  | 2.5 | x(2) |  |  | 2.9 | x |  |  | 4.0 | x(2) |  |  | 8.1 | x |  |  | 10.4 | x |  |  | 12.5 | x |  |  | 10.9 | x |  |  | 9.5 | x

(1) | For purposes of computing these ratios, “earnings” represent income from continuing operations before income taxes plus fixed charges and amortization of capitalized interest, less capitalized interest. “Fixed charges” consist of interest expense, including capitalized interest, amortization of capitalized interest and one-third (the portion deemed representative of the interest factor) of rental expense on operating leases.

(2) | Because the net proceeds of the offering of the old notes were used to repay indebtedness and because the interest on the old notes is higher than the interest on the repaid indebtedness, our ratio of earnings to fixed charges changed by 10% or more.