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. |
