EXHIBIT 12

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1) 

Our ratio of earnings to fixed charges for the each of the years ended December 31, 2016, 2015, 2014, 2013, and 2012 were as follows:
 
 
Years Ended December 31,
(In Thousands, Except Ratios)
 
2016
 
2015
 
2014
 
2013
 
2012
Net income before provision for income taxes
 
$
134,960

 
$
91,742

 
$
101,313

 
$
184,194

 
$
133,060

Interest expense on asset-backed securities
 
14,735

 
21,469

 
31,227

 
39,716

 
101,732

Interest expense on long-term debt
 
51,506

 
43,842

 
30,246

 
23,819

 
9,583

Earnings available to cover fixed charges
 
$
201,201

 
$
157,053

 
$
162,786

 
$
247,729

 
$
244,375

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense on asset-backed securities
 
$
14,735

 
$
21,469

 
$
31,227

 
$
39,716

 
$
101,732

Interest expense on long-term debt
 
51,506

 
43,842

 
30,246

 
23,819

 
9,583

Total fixed charges
 
$
66,241

 
$
65,311

 
$
61,473

 
$
63,535

 
$
111,315

Ratio of Earnings to Fixed Charges
 
3.04

 
2.40

 
2.65

 
3.90

 
2.20

 
 
 
 
 
 
 
 
 
 
 
(1)
The ratio of earnings to fixed charges represents the number of times “fixed charges” are covered by “earnings.” “Fixed charges” consist of interest on outstanding long-term debt and asset-backed securities issued, as well as associated amortization of debt discount and deferred issuance costs. The proportion deemed representative of the interest factor of operating lease expense has not been deducted as the total operating lease expense in itself was de minimis and did not affect the ratios in a material way. “Earnings” consist of consolidated income before income taxes and fixed charges.