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. |