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Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year ended and as of December 31, | ||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||
$ | $ | $ | $ | $ | ||||||
Computation of earnings: | ||||||||||
Income (loss) before income taxes | (28.7 | ) | (77.8 | ) | 74.6 | 186.3 | 101.9 | |||
Less: Equity in net income of investments in affiliates | — | — | — | — | — | |||||
Plus: fixed charges | 54.0 | 50.2 | 35.0 | 23.5 | 32.7 | |||||
Less: capitalized interest | (2.3 | ) | (1.6 | ) | (1.1 | ) | 0.9 | 0.4 | ||
Earnings | 23.0 | (29.2 | ) | 108.5 | 210.7 | 135.0 | ||||
Computation of fixed charges | ||||||||||
Interest expense, net | 50.4 | 47.5 | 33.1 | 21.5 | 31.1 | |||||
Capitalized interest | 2.3 | 1.6 | 1.1 | 0.9 | 0.4 | |||||
Interest portion of operating lease expense | 1.3 | 1.1 | 0.8 | 1.1 | 1.2 | |||||
Fixed charges | 54.0 | 50.2 | 35.0 | 23.5 | 32.7 | |||||
Ratio of earnings to fixed charges | 0.4 | (0.6 | ) | 3.1 | 9.0 | 4.1 | ||||
(a) Ratio is less than one; earnings are inadequate to cover fixed charges. The dollar amount of the coverage deficiency for the affected period is presented below. | ||||||||||
Year ended and as of December 31, | ||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||
$ | $ | $ | $ | $ | ||||||
Coverage deficiency - earnings to fixed charges | — | (79.4 | ) | — | — | — |