Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND
RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Computation of Ratio of Earnings to Fixed Charges
For The Years Ended December 31, | For the Three Months Ended March 31, 2009 | ||||||||||||||||||
2004 | 2005 | 2006 | 2007 | 2008 | |||||||||||||||
Earnings Before Fixed Charges: | |||||||||||||||||||
Net income | $ | 42.4 | $ | 60.7 | $ | 106.0 | $ | 28.1 | $ | (58.9 | ) | $ | 8.9 | ||||||
Add: Income tax provision | 26.0 | 35.0 | 82.0 | 38.5 | 26.3 | 6.6 | |||||||||||||
Add: Equity loss of minority-owned companies | — | — | — | 0.2 | 0.1 | — | |||||||||||||
Add: Amortization of capitalized interest | — | — | — | 0.1 | 0.2 | — | |||||||||||||
Add: Fixed charges | 32.2 | 98.1 | 130.8 | 173.9 | 206.3 | 36.2 | |||||||||||||
Total earnings available for fixed charges | $ | 100.6 | $ | 193.8 | $ | 318.8 | $ | 240.8 | $ | 174.0 | 51.7 | ||||||||
Fixed Charges: | |||||||||||||||||||
Interest expense | $ | 27.6 | $ | 84.2 | $ | 112.6 | $ | 149.7 | $ | 178.7 | $ | 36.2 | |||||||
Interest component of rental expense | 4.6 | 13.8 | 17.7 | 24.0 | 27.6 | — | |||||||||||||
Total fixed charges before capitalized interest | 32.2 | 98.1 | 130.3 | 173.7 | 206.3 | 36.2 | |||||||||||||
Capitalized interest | — | — | 0.5 | 0.2 | — | — | |||||||||||||
Total Fixed Charges | $ | 32.2 | $ | 98.1 | $ | 130.8 | $ | 173.9 | $ | 206.3 | 36.2 | ||||||||
Ratio of Earnings to Fixed Charges | 3.1 | 2.0 | 2.4 | 1.4 | — | (1) | 1.4 |
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
For The Years Ended December 31, | For the Three Months Ended March 31, 2009 | ||||||||||||||||||
2004 | 2005 | 2006 | 2007 | 2008 | |||||||||||||||
Earnings Before Fixed Charges: | |||||||||||||||||||
Net income | $ | 42.4 | $ | 60.7 | $ | 106.0 | $ | 28.1 | $ | (58.9 | ) | $ | 8.9 | ||||||
Add: Income tax provision | 26.0 | 35.0 | 82.0 | 38.5 | 26.3 | 6.6 | |||||||||||||
Add: Equity loss of minority-owned companies | — | — | — | 0.2 | 0.1 | — | |||||||||||||
Add: Amortization of capitalized interest | — | — | — | 0.1 | 0.2 | — | |||||||||||||
Add: Fixed charges | 32.2 | 98.1 | 130.8 | 173.9 | 206.3 | 36.2 | |||||||||||||
Total earnings available for fixed charges | $ | 100.6 | $ | 193.8 | $ | 318.8 | $ | 240.8 | $ | 174.0 | 51.7 | ||||||||
Fixed Charges and Preferred Stock Dividends: | |||||||||||||||||||
Interest expense | $ | 27.6 | $ | 84.2 | $ | 112.6 | $ | 149.7 | $ | 178.7 | $ | 36.2 | |||||||
Interest component of rental expense | 4.6 | 13.8 | 17.7 | 24.0 | 27.6 | — | |||||||||||||
Total fixed charges before capitalized interest | 32.2 | 98.1 | 130.3 | 173.7 | 206.3 | 36.2 | |||||||||||||
Capitalized interest | — | — | 0.5 | 0.2 | — | — | |||||||||||||
Preferred Stock Dividends | — | — | — | — | — | — | |||||||||||||
Total Fixed Charges and Preferred Stock Dividends | $ | 32.2 | $ | 98.1 | $ | 130.8 | $ | 173.9 | $ | 206.3 | $ | 36.2 | |||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 3.1 | 2.0 | 2.4 | 1.4 | — | (1) | 1.4 |
(1) | Earnings are inadequate to cover fixed charges. Net income must increase by approximately $38.3 million to achieve a ratio of 1.0. |
(2) | Earnings are inadequate to cover combined fixed charges and preferred stock dividends. Net income must increase by approximately $38.2 million to achieve a ratio of 1.0. |