Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the periods indicated.
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| Three Months |
| Twelve Months Ended |
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|
| March 31, |
| December 31, |
| December 31, |
| December 31, |
| December 31, |
| December 31, |
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Earnings: |
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Pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees |
| $ | 252.9 |
| $ | 808.2 |
| $ | 262.4 |
| $ | (430.8 | ) | $ | 11.4 |
| $ | 280.3 |
|
Add: Fixed Charges (from below) |
| 15.0 |
| 64.6 |
| 99.0 |
| 81.9 |
| 95.1 |
| 89.6 |
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Add: Amortization of capitalized interest |
| 1.2 |
| 4.2 |
| 4.1 |
| 3.8 |
| 3.6 |
| 2.9 |
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Add: Distributed income of equity investee |
| 0.6 |
| 1.2 |
| 0.5 |
| 0.5 |
| (0.7 | ) | (1.0 | ) | ||||||
Subtract: Capitalized interest expense |
| 2.1 |
| 6.0 |
| 4.0 |
| 5.8 |
| 7.5 |
| — |
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|
| $ | 267.6 |
| $ | 872.2 |
| $ | 362.0 |
| $ | (350.4 | ) | $ | 101.9 |
| $ | 371.8 |
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Fixed charges: |
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Interest expense (including amortization of debt issuance costs, debt discounts and premiums) |
| $ | 11.4 |
| $ | 52.7 |
| $ | 88.1 |
| $ | 70.1 |
| $ | 82.9 |
| $ | 77.5 |
|
Add: Capitalized interest expense |
| 2.1 |
| 6.0 |
| 4.0 |
| 5.8 |
| 7.5 |
| 5.4 |
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Add: Portion of rentals representing interest (1/3 of Operating Lease Payments) |
| 1.5 |
| 5.9 |
| 6.9 |
| 6.0 |
| 4.6 |
| 6.7 |
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| $ | 15.0 |
| $ | 64.6 |
| $ | 99.0 |
| $ | 81.9 |
| $ | 95.0 |
| $ | 89.6 |
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Ratio of earnings to fixed charges |
| 17.8 |
| 13.5 |
| 3.7 |
| (4.3 | )(1) | 1.1 |
| 4.1 |
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(1) Due to the registrant’s loss in 2013, the ratio coverage was less than 1:1. The registrant needed to generate additional earnings of $432.3 million to achieve a coverage ratio of 1:1.
