EX-12.1 16 a2216484zex-12_1.htm EX-12.1
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Exhibit 12.1

STATEMENT OF COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES

        We have computed the ratio of earnings to fixed charges for each of the following periods on a consolidated basis. For purposes of computing the ratio of earnings to fixed charges, "earnings" consist of pretax income from continuing operations plus fixed charges (excluding capitalized interest). "Fixed charges" represent interest incurred (whether expensed or capitalized), amortization of debt expense, and that portion of rental expense on operating leases deemed to be the equivalent of interest. We have determined that one-fourth of our rental expense represents a reasonable approximation of the interest portion of rental expense. You should read the ratio of earnings to fixed charges in conjunction with our consolidated and condensed financial statements that are incorporated by reference in this prospectus.

 
  Year Ended December 31,   Six Months Ended
June 30
 
 
  2008   2009   2010   2011   2012   2012   2013  
 
   
   
   
   
   
  unaudited
 

Earnings

                                           

Earnings (loss) before income taxes

    221,342     270,370     274,757     256,550     287,249     154,044     139,339  

Plus: Fixed charges

    120,191     81,541     82,241     94,816     92,446     46,828     48,785  

Less: Capitalized interest expense(1)

                    (1,475 )       (998 )
                               

Total

    341,533     351,911     356,998     351,366     378,220     200,872     187,126  

Fixed Charges

                                           

Interest expense

    66,241     26,791     26,766     37,234     32,065     17,320     17,857  

Capitalized interest expense(1)

                    1,475         998  

Estimate of interest portion of rental expense

    53,950     54,750     55,475     57,582     58,906     29,508     29,930  
                               

Total

    120,191     81,541     82,241     94,816     92,446     46,828     48,785  

Ratio of Earnings to Fixed Charges

   
2.84x
   
4.32x
   
4.34x
   
3.71x
   
4.09x
   
4.29x
   
3.84x
 

(1)
We began capitalizing interest expense in the fourth quarter of 2012.



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STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES