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:

            

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:

            

Distributed earnings of unconsolidated subsidiaries

      8,925         27,903         33,302         20,199   

Fixed charges

      47,578         209,839         260,327         243,667   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total earnings before fixed charges

      190,892         884,290         730,623         702,312   

Fixed charges:

            

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         —     
  

 

 

     

 

 

     

 

 

     

 

 

  

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   
  

 

 

     

 

 

     

 

 

     

 

 

  

Calculation of portion of rent expense representative of the interest factor

            

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   
  

 

 

     

 

 

     

 

 

     

 

 

  

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)

            

Calculation of income (loss) from continuing operations attributable to non-controlling interests

            

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 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

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.