RATIO OF EARNINGS TO FIXED CHARGES
Our ratio of earnings to fixed charges for each of the periods indicated is as follows:
| Three months ended March 31, |
Year ended December 31, | ||||
$ in millions |
2009 |
2008 |
2007 |
2006 |
2005 |
2004 |
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Income before income taxes, including losses attributable to noncontrolling interests | $ (37.5) | $657.0 | $1,243.8 | $1,034.3 | $482.5 | $39.0 |
Less: Equity in earnings of unconsolidated affiliates | (2.5) | (46.8) | (48.1) | (4.3) | (0.7) | (1.5) |
Pre tax income before income/(loss) from equity in earnings of unconsolidated affiliates | (40.0) | 610.2 | 1,195.7 | 1,030.0 | 481.8 | 37.5 |
Add: Fixed Charges | 19.8 | 93.3 | 90.5 | 92.7 | 102.7 | 100.8 |
Add: Amortization of capitalized interest | — | — | — | — | — | — |
Add: Dividends from unconsolidated affiliates | — | 29.8 | 1.8 | 0.9 | — | — |
Less: Interest capitalized | — | — | — | — | — | — |
Less : Non-controlling interest in pre-tax income | 88.5 | 60.8 | (212.9) | (297.0) | (111.5) | (0.5) |
Earnings | $68.3 | $794.1 | $1,075.1 | $826.6 | $473.0 | $137.8 |
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Fixed charges: |
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Portion of rent expense representing interest | $3.9 | $16.4 | $19.2 | $15.5 | $17.6 | $19.6 |
Interest | 15.9 | 76.9 | 71.3 | 77.2 | 85.1 | 81.2 |
Total fixed charges | $19.8 | $93.3 | $90.5 | $92.7 | $102.7 | $100.8 |
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Ratio of earnings/fixed charges | 3.45 | 8.51 | 11.88 | 8.92 | 4.61 | 1.37 |