Under Armour, Inc. - FORM 10-K - EX-12.01 - EXHIBIT 12.01

Exhibit 12.01



Computation of Ratio of Earnings to Fixed Charges
(In thousands)	Year Ended December 31,
	2016		2015		2014		2013		2012
Income before taxes	$	388,282	$	386,685	$	342,210	$	260,993	$	203,439
Fixed charges, less capitalized interest	61,998		42,328		25,340		16,861		15,418
Amortization of capitalized interest	96		318		—		200		222
Total earnings	453,226		429,331		367,550		278,054		219,079

Interest expensed and capitalized	25,726		14,655		5,527		3,026		5,299
Estimate of interest within rental expense (1)	37,164		28,585		19,812		13,905		10,209
Total fixed charges	$	62,890	$	43,240	$	25,340	$	16,931	$	15,508

Ratio of Earnings to fixed charges	7.2		9.9		14.5		16.4		14.1

(1) Represents one third of rental expenses which is considered representative of the interest factor of operating leases.

Under Armour, Inc. - FORM 10-K - EX-12.01 - EXHIBIT 12.01 - February 23, 2017