Form: 10-K

Annual report pursuant to Section 13 and 15(d)

February 20, 2018

Documents



Exhibit 12.1

Ratio of Earnings To Combined Fixed Charges And Preferred Stock Dividends


The following table sets forth the calculation of our ratio of earnings to combined fixed charges and preferred stock
dividends for the periods shown:

 
For the Year Ended
(In Thousands, Except Ratios)
December 31, 2017
December 31, 2016
December 31, 2015
December 31, 2014
December 31, 2013
Net income before taxes
$
524,776

$
552,026

$
250,350

$
589,207

$
362,688

Add: Fixed charges (interest expense) (1)
548,196

375,963

306,590

200,430

123,856

Preferred stock dividend
33,484

2,449

—

—

—

Income as adjusted
$
1,106,456

$
930,438

$
556,940

$
789,637

$
486,544

Fixed charges (interest expense) + preferred stock dividend
$
581,680

$
378,412

$
306,590

$
200,430

$
123,856

Ratio of income (losses) to combined fixed charges and preferred stock dividends
1.90
x
2.46
x
1.82x

3.94x

3.93x

Deficiency
$
—

$
—

$
—

$
—

$
—

(1) Includes effect of realized losses on interest rate swaps.