Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Three Months Ended | Year Ending December 31, | |||||||||||||||
31-Mar-15 | 2014 | 2013 | 2012 | |||||||||||||
Income from continuing operations before provision for income taxes |
150,041 | 777,262 | 508,985 | 489,478 | ||||||||||||
Less: |
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Equity income from unconsolidated subsidiaries |
15,451 | 101,714 | 64,422 | 60,729 | ||||||||||||
Income (loss) from continuing operations attributable to non-controlling interests |
201 | 29,000 | 7,569 | (9,697 | ) | |||||||||||
Add: |
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Distributed earnings of unconsolidated subsidiaries |
8,925 | 27,903 | 33,302 | 20,199 | ||||||||||||
Fixed charges |
47,578 | 209,839 | 260,327 | 243,667 | ||||||||||||
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Total earnings before fixed charges |
190,892 | 884,290 | 730,623 | 702,312 | ||||||||||||
Fixed charges: |
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Portion of rent expense representative of the interest factor |
18,679 | 74,717 | 68,950 | 68,599 | ||||||||||||
Interest expense |
26,214 | 112,035 | 135,082 | 175,068 | ||||||||||||
Write-off of financing costs |
2,685 | 23,087 | 56,295 | | ||||||||||||
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Total fixed charges |
47,578 | 209,839 | 260,327 | 243,667 | ||||||||||||
Ratio of earnings to fixed charges |
4.01 | 4.21 | 2.81 | 2.88 | ||||||||||||
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Calculation of portion of rent expense representative of the interest factor |
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Minimum lease rentals per 10-K footnotes (Annualized for interim periods) |
56,038 | 224,151 | 206,850 | 205,798 | ||||||||||||
1/3 of operating lease costs |
3 | 3 | 3 | 3 | ||||||||||||
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Portion of rent expense representative of the interest factor |
18,679 | 74,717 | 68,950 | 68,599 | ||||||||||||
(Annualized for Q2 14 as annual amounts have not fluctuated over last 3 fiscal year years) |
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Calculation of income (loss) from continuing operations attributable to non-controlling interests |
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Income (loss) from continuing operations attributable to nc interests per P&L |
201 | 29,000 | 32,257 | (10,768 | ) | |||||||||||
Non-controlling interests relating to disco ops |
| | 24,688 | (1,071 | ) | |||||||||||
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Income (loss) from continuing operations attributable to non-controlling interests |
201 | 29,000 | 7,569 | (9,697 | ) |
Note: Consistent with prior years we have excluded interest expense from discontinued operations and FIN 48 liabilities as amounts are immaterial to calculation.