Exhibit 12.1
Ratio of Earnings to Fixed Charges | Fiscal Year Ended | |||||||||||||||||||
December 3, 2016 | November 28, 2015 | November 29, 2014 | November 30, 2013 | December 1, 2012 | ||||||||||||||||
Ratio of Earnings to Fixed Charges: | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
+ Pre Tax Income from Continuing Operations Before Adjustment for Income of Loss from Equity Investees | 167,425 | 138,345 | 79,312 | 127,544 | 89,548 | |||||||||||||||
+ Fixed charges | 31,964 | 28,962 | 26,813 | 24,856 | 23,279 | |||||||||||||||
+ Amortization of capitalized interest | 520 | 513 | 377 | 281 | 273 | |||||||||||||||
+ Distributed income from equity investees | 3,692 | 2,865 | 2,330 | 12,939 | 4,783 | |||||||||||||||
- Interest Capitalized | (752 | ) | (136 | ) | (2,725 | ) | (1,921 | ) | (151 | ) | ||||||||||
- Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | (329 | ) | (520 | ) | (483 | ) | (528 | ) | (320 | ) | ||||||||||
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Total Earnings: | 202,520 | 170,029 | 105,624 | 163,171 | 117,412 | |||||||||||||||
Fixed Charges: | ||||||||||||||||||||
+ Interest expensed and capitalized | 28,111 | 25,157 | 22,469 | 21,041 | 19,944 | |||||||||||||||
+ An estimate of the interest within rental expense | 3,853 | 3,805 | 4,344 | 3,815 | 3,335 | |||||||||||||||
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Total Fixed Charges: | 31,964 | 28,962 | 26,813 | 24,856 | 23,279 | |||||||||||||||
Ratio of Earnings to Fixed Charges (1) | 6.3 | 5.9 | 3.9 | 6.6 | 5.0 |
(1) | The ratios of earnings to fixed charges were computed by dividing earnings by fixed charges. For this purpose, “earnings” consist of income from continuing operations before taxes plus fixed charges, plus amortization of capitalized interest (estimated using 20-year average amortization), plus distributed income from equity investments, less capitalized interest, less noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges. “Fixed charges” consist of interest expensed (includes amortized premiums, discounts and capitalized expenses related to indebtedness) and interest capitalized, and interest included in rental expense on operating leases (estimated at 30% of lease expense). |