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 Six Months Ended June 30, | For the Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||
Earnings Before Fixed Charges: | ||||||||||||||||||||||||
Net income (loss) | $ | 72.0 | $ | 243.9 | $ | 204.7 | $ | 106.7 | $ | 128.7 | $ | (58.9 | ) | |||||||||||
Less/add: Income tax (benefit) provision | 42.4 | 147.6 | 125.7 | 122.8 | 110.5 | 26.3 | ||||||||||||||||||
Less/add: Equity (income) loss of minority-owned companies | (0.2 | ) | (0.9 | ) | 0.5 | (1.3 | ) | 0.1 | 0.1 | |||||||||||||||
Add: Amortization of capitalized interest | — | — | 0.2 | 0.1 | 0.2 | 0.2 | ||||||||||||||||||
Add: Fixed charges | 140.0 | 219.6 | 216.2 | 209.9 | 176.6 | 206.3 | ||||||||||||||||||
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Total earnings available for fixed charges | $ | 254.2 | $ | 610.2 | $ | 547.3 | $ | 438.2 | $ | 416.1 | $ | 174.0 | ||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 121.7 | $ | 185.3 | $ | 179.7 | $ | 177.8 | $ | 147.3 | $ | 178.7 | ||||||||||||
Interest component of rental expense | 18.3 | 34.3 | 36.5 | 32.0 | 29.3 | 27.6 | ||||||||||||||||||
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Total fixed charges before capitalized interest | 140.0 | 219.6 | 216.2 | 209.8 | 176.6 | 206.3 | ||||||||||||||||||
Capitalized interest | — | — | — | 0.1 | — | — | ||||||||||||||||||
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Total Fixed Charges | $ | 140.0 | $ | 219.6 | $ | 216.2 | $ | 209.9 | $ | 176.6 | $ | 206.3 | ||||||||||||
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Ratio of Earnings to Fixed Charges | 1.8 | 2.8 | 2.5 | 2.1 | 2.4 | (A | ) |
(A) | Due to the loss in 2008, additional net income of $32.3 would have been necessary to achieve a ratio of 1:1. |
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
For the Six Months Ended June 30, | For the Years Ended December 31, | |||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||
Earnings Before Fixed Charges: | ||||||||||||||||||||||||
Net income (loss) | $ | 72.0 | $ | 243.9 | $ | 204.7 | $ | 106.7 | $ | 128.7 | $ | (58.9 | ) | |||||||||||
Less/add: Income tax (benefit) provision | 42.4 | 147.6 | 125.7 | 122.8 | 110.5 | 26.3 | ||||||||||||||||||
Less/add: Equity (income) loss of minority-owned companies | (0.2 | ) | (0.9 | ) | 0.5 | (1.3 | ) | 0.1 | 0.1 | |||||||||||||||
Add: Amortization of capitalized interest | — | — | 0.2 | 0.1 | 0.2 | 0.2 | ||||||||||||||||||
Add: Fixed charges | 140.0 | 219.6 | 216.2 | 209.9 | 176.6 | 206.3 | ||||||||||||||||||
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Total earnings available for fixed charges | $ | 254.2 | $ | 610.2 | $ | 547.3 | $ | 438.2 | $ | 416.1 | $ | 174.0 | ||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest expense | $ | 121.7 | $ | 185.3 | $ | 179.7 | $ | 177.8 | $ | 147.3 | $ | 178.7 | ||||||||||||
Interest component of rental expense | 18.3 | 34.3 | 36.5 | 32.0 | 29.3 | 27.6 | ||||||||||||||||||
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Total fixed charges before capitalized interest | 140.0 | 219.6 | 216.2 | 209.8 | 176.6 | 206.3 | ||||||||||||||||||
Capitalized interest | — | — | — | 0.1 | — | — | ||||||||||||||||||
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Total Fixed Charges | $ | 140.0 | $ | 219.6 | $ | 216.2 | $ | 209.9 | $ | 176.6 | $ | 206.3 | ||||||||||||
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Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 1.8 | 2.8 | 2.5 | 2.1 | 2.4 | (B | ) |
(B) | Due to the loss in 2008, additional net income of $32.3 would have been necessary to achieve a ratio of 1:1. |