EX-12.1 27 d220489dex121.htm EX-12.1

EX-12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges and

Combined Fixed Charges and Preferred Stock Dividends to Earnings

(unaudited)

		Years Ended December 31,																				Six Months Ended June 30,
		2011				2012				2013				2014				2015				2016
		(in thousands, except ratios)
Earnings
Profit before taxes		$	140,703			$	222,795			$	186,082			$	242,522			$	(134,323	)		$	(83,003	)
Fixed charges			23,198				21,738				24,703				36,778				36,927				16,943
Earnings		$	163,901			$	244,533			$	210,785			$	279,300			$	(97,396	)		$	(66,060	)
Fixed Charges
Interest expense		$	19,532			$	16,372			$	18,370			$	29,847			$	29,945			$	13,918
Estimated interest expense on rental items			3,666				5,366				6,333				6,931				6,982				3,025
Fixed charges		$	23,198			$	21,738			$	24,703			$	36,778			$	36,927			$	16,943
Preferred stock dividends		$	—			$	—			$	—				—				—				—
Ratio of Earnings to Fixed Charges			7.1x				11.2x				8.5x				7.6x				**	(1)			**	(1)
Ratio of Combined Fixed Charges and Preferred Stock Dividends to Earnings			7.1x				11.2x				8.5x				7.6x				**	(1)			**	(1)

(1) Earnings were inadequate to cover fixed charges. The coverage deficiency for the six months ended June 30, 2016 and year ended December 31, 2015 was $83 million and $134 million, respectively.