Exhibit 12.1
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Computation of Ratios of Earnings to Fixed Charges
Year ended December 31, | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
(Dollars in millions, except ratios) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes | 125.9 | 66.1 | 193.2 | 231.9 | 171.1 | |||||||||||||||
Fixed charges | 49.8 | 26.0 | 7.0 | 7.0 | 12.1 | |||||||||||||||
Amortization of capitalized interest | 0.9 | 0.6 | 0.6 | 0.5 | 0.2 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | — | (9.8 | ) | (0.7 | ) | (1.5 | ) | (4.0 | ) | |||||||||||
Noncontrolling interest in pre-tax loss (income) of subs that have not incurred fixed charges | 3.7 | 1.7 | (7.1 | ) | (21.6 | ) | (19.0 | ) | ||||||||||||
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Adjusted earnings | 180.3 | 84.6 | 193.0 | 216.3 | 160.4 | |||||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest cost—affiliate | — | 3.5 | 5.4 | 5.7 | 11.2 | |||||||||||||||
Interest cost | 48.2 | 20.6 | — | — | — | |||||||||||||||
Interest portion of rent expense* | 1.5 | 1.9 | 1.6 | 1.3 | 0.9 | |||||||||||||||
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Total fixed charges | 49.7 | 26.0 | 7.0 | 7.0 | 12.1 | |||||||||||||||
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Ratios of earnings to fixed charges | 3.6 | 3.2 | 27.7 | 31.0 | 13.3 |
* | Represents one-third of the total operating lease rental expense, which is that portion deemed to be interest. |