EXHIBIT 12.1
Juniper Networks, Inc.
Statements of Computation of Ratio of Earnings to Fixed Charges
(In millions, except ratios)
(In millions, except ratios)
Six Months Ended June 30, | Years Ended December 31, | ||||||||||||||||||||||
2013 (*) | 2012 (*) | 2011 (*) | 2010 (*) | 2009 (*) | 2008 (*) | ||||||||||||||||||
Earnings for computation of ratio: | |||||||||||||||||||||||
Pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income from equity investees | $ | 201.6 | $ | 266.0 | $ | 572.0 | $ | 769.5 | $ | 317.6 | $ | 743.7 | |||||||||||
Fixed charges | 37.4 | 72.0 | 69.2 | 16.8 | 17.0 | 23.2 | |||||||||||||||||
Amortization of capitalized interest | 0.1 | — | — | — | — | — | |||||||||||||||||
Less: | |||||||||||||||||||||||
Interest capitalized | (0.9 | ) | (7.1 | ) | (1.2 | ) | — | — | — | ||||||||||||||
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | — | — | — | (1.3 | ) | — | — | ||||||||||||||||
Total earnings | $ | 238.2 | $ | 330.9 | $ | 640.0 | $ | 785.0 | $ | 334.6 | $ | 766.9 | |||||||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense | $ | 28.8 | $ | 52.2 | $ | 48.9 | $ | — | $ | — | $ | 5.8 | |||||||||||
Amortized premiums, discounts, and capitalized expenses relating to indebtedness | 0.4 | 0.8 | 0.6 | — | — | — | |||||||||||||||||
Estimate of interest within rental expense | 8.2 | 19.0 | 19.7 | 16.8 | 17.0 | 17.4 | |||||||||||||||||
Total fixed charges | $ | 37.4 | $ | 72.0 | $ | 69.2 | $ | 16.8 | $ | 17.0 | $ | 23.2 | |||||||||||
Ratio of earnings to fixed charges | 6.4 | 4.6 | 9.2 | 46.8 | 19.7 | 33.0 |
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(*) | For these ratios, "earnings" represents income before taxes before adjustment for noncontrolling interests in equity investments and fixed charges, adjusted for interest capitalized and noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges. |