Exhibit 12.1
Computation of Ratios of Earnings to Fixed Charges
(in thousands, except ratios)
Nine Months Ended September 30, 2017 |
Year Ended December 31, | |||||||||||||||||||||||
2016 | 2015 | 2014(2) | 2013 | 2012 | ||||||||||||||||||||
Computation of “Earnings”: | ||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 75,806 | $ | 172,542 | $ | 173,211 | $ | 126,483 | $ | 184,985 | $ | 183,357 | ||||||||||||
Add: | ||||||||||||||||||||||||
Interest expense, including amortization of debt issuance costs | 22,452 | 27,464 | 27,802 | 33,493 | 13,469 | 14,265 | ||||||||||||||||||
Portion of rents representative of the interest factor | 18,620 | 24,029 | 24,310 | 25,881 | 25,569 | 20,261 | ||||||||||||||||||
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Earnings, as adjusted | $ | 116,878 | $ | 224,035 | $ | 225,323 | $ | 185,857 | $ | 224,024 | $ | 217,883 | ||||||||||||
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Computation of “Fixed Charges”: | ||||||||||||||||||||||||
Interest expense, including amortization of debt issuance costs | 22,452 | 27,464 | 27,802 | 33,493 | 13,469 | 14,265 | ||||||||||||||||||
Portion of rents representative of the interest factor | 18,620 | 24,029 | 24,310 | 25,881 | 25,569 | 20,261 | ||||||||||||||||||
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Fixed Charges | $ | 41,072 | $ | 51,493 | $ | 52,112 | $ | 59,374 | $ | 39,038 | $ | 34,526 | ||||||||||||
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Ratio of Earnings to Fixed Charges(1) | 2.8x | 4.4x | 4.3x | 3.1x | 5.7x | 6.3x | ||||||||||||||||||
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(1) | As there were no shares of preferred stock outstanding for the periods presented, the ratios of earnings to combined fixed charges and preferred stock dividends do not differ from the ratio of earnings to fixed charges presented above. |
(2) | Fixed charges include $14.9 million ($17.4 million redemption premium less $2.5 million gain on interest swaps), both associated with the retirement of all of our $200 million aggregate principal amount of 6.35% senior notes in 2014. |
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