EX-12 39 d878096dex12.htm EX-12

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands, except ratios)

|  | Years Ended December 31, |
|  | 2010 |  |  | 2011 |  |  | 2012 |  |  | 2013 |  |  | 2014 |
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations before taxes before adjustment for income or loss from equity investees |  | $ | 104,590 |  |  | $ | 145,100 |  |  | $ | (165,369 | ) |  | $ | 175,730 |  |  | $ | 220,110 |
Amortization of previously capitalized interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 40 |  |  |  | 79 |
Capitalized interest |  |  | — |  |  |  | — |  |  |  | (400 | ) |  |  | (393 | ) |  |  | — |
Non-controlling interest income |  |  | (861 | ) |  |  | (1,021 | ) |  |  | (955 | ) |  |  | (1,466 | ) |  |  | (1,901 | )
Total earnings |  | $ | 103,729 |  |  | $ | 144,079 |  |  | $ | (166,724 | ) |  | $ | 173,911 |  |  | $ | 218,288 |
Fixed Charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 72,281 |  |  | $ | 57,010 |  |  | $ | 55,149 |  |  | $ | 41,946 |  |  | $ | 49,561 |
Amortization of debt expense |  |  | 7,750 |  |  |  | 13,526 |  |  |  | 14,416 |  |  |  | 14,959 |  |  |  | 15,897 |
Capitalized interest |  |  | — |  |  |  | — |  |  |  | 400 |  |  |  | 393 |  |  |  | — |
Interest factor in rents (1) |  |  | 10,477 |  |  |  | 9,977 |  |  |  | 8,071 |  |  |  | 8,811 |  |  |  | 9,809 |
Total fixed charges |  | $ | 90,508 |  |  | $ | 80,513 |  |  | $ | 78,036 |  |  | $ | 66,109 |  |  | $ | 75,267 |
Total earnings available for fixed charges |  | $ | 194,237 |  |  | $ | 224,592 |  |  | $ | (88,688 | ) |  | $ | 240,020 |  |  | $ | 293,555 |
Ratio of earnings to fixed charges |  |  | 2.1 |  |  |  | 2.8 |  |  |  | — | (2) |  |  | 3.6 |  |  |  | 3.9 |

(1) | One-third of all rental expense is deemed to be interest, which we believe to be a reasonable approximation of the interest factor of our leases.

(2) | Due to our loss from continuing operations before taxes before adjustment for income or loss from equity investees for the year ended December 31, 2012, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $166.7 million to achieve a coverage of 1:1.