Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, | | | Year Ended December 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Income (loss) from continuing operations before income taxes, interest in earnings of associates and noncontrolling interests | | $ | 395 | | | $ | (337 | ) | | $ | 239 | | | $ | 587 | | | $ | 516 | | | $ | 398 | |
Add back fixed charges: | | | | | | | | | | | | | | | | | | | | | | | | |
Total fixed charges | | | 86 | | | | 169 | | | | 197 | | | | 208 | | | | 224 | | | | 150 | |
Dividends from associates | | | 8 | | | | 3 | | | | 7 | | | | 5 | | | | 12 | | | | 9 | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | |
Capitalized interest | | | — | | | | — | | | | — | | | | — | | | | — | | | | (1 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income as adjusted | | $ | 489 | | | $ | (165 | ) | | $ | 443 | | | $ | 800 | | | $ | 752 | | | $ | 556 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Fixed charges | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | $ | 63 | | | $ | 128 | | | $ | 156 | | | $ | 166 | | | $ | 174 | | | $ | 105 | |
Portions of rents representative of interest factor | | | 23 | | | | 41 | | | | 41 | | | | 42 | | | | 50 | | | | 45 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total fixed charges | | $ | 86 | | | $ | 169 | | | $ | 197 | | | $ | 208 | | | $ | 224 | | | $ | 150 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges | | $ | 5.7 | | | | (1.0 | ) | | | 2.2 | | | | 3.8 | | | | 3.4 | | | | 3.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Six Months Ended June 30, | | | Year Ended December 31, | |
| | 2013 | | | 2012 | | | 2011 | | | 2010 | | | 2009 | | | 2008 | |
Income (loss) from continuing operations before income taxes, interest in earnings of associates and noncontrolling interests | | $ | 395 | | | $ | (337 | ) | | $ | 239 | | | $ | 587 | | | $ | 516 | | | $ | 398 | |
Add back fixed charges: | | | | | | | | | | | | | | | | | | | | | | | | |
Total fixed charges | | | 86 | | | | 169 | | | | 197 | | | | 208 | | | | 224 | | | | 150 | |
Dividends from associates | | | 8 | | | | 3 | | | | 7 | | | | 5 | | | | 12 | | | | 9 | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | |
Capitalized interest | | | — | | | | — | | | | — | | | | — | | | | — | | | | (1 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Income as adjusted | | $ | 489 | | | $ | (165 | ) | | $ | 443 | | | $ | 800 | | | $ | 752 | | | $ | 556 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Fixed charges | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | $ | 63 | | | $ | 128 | | | $ | 156 | | | $ | 166 | | | $ | 174 | | | $ | 105 | |
Portions of rents representative of interest factor | | | 23 | | | | 41 | | | | 41 | | | | 42 | | | | 50 | | | | 45 | |
Preferred stock dividends | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total fixed charges | | $ | 86 | | | $ | 169 | | | $ | 197 | | | $ | 208 | | | $ | 224 | | | $ | 150 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges | | $ | 5.7 | | | | (1.0 | ) | | | 2.2 | | | | 3.8 | | | | 3.4 | | | | 3.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | |