Exhibit 12.1
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
Computation of Ratios of Earnings to Fixed Charges
Exhibit 12.1
| Year ended December 31, | ||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
| (Dollars in millions, except ratios) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Income before income taxes and loss from equity method investments | $ | 23.1 | $ | (125.6 | ) | $ | 59.0 | $ | 125.9 | $ | 66.1 | |||||||||
Fixed charges | 63.0 | 53.8 | 55.8 | 49.7 | 26.0 | |||||||||||||||
Amortization of capitalized interest | 1.1 | 1.0 | 0.9 | 0.9 | 0.6 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | (3.7 | ) | (3.2 | ) | (1.0 | ) | (0.1 | ) | (9.8 | ) | ||||||||||
Non-controlling interest in pre-tax loss (income) loss of subsidiaries that have not incurred fixed charges | (32.3 | ) | (24.3 | ) | (25.1 | ) | (3.7 | ) | 1.7 | |||||||||||
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Adjusted earnings | $ | 51.2 | $ | (98.3 | ) | $ | 89.6 | $ | 172.7 | $ | 84.6 | |||||||||
Fixed Charges: | ||||||||||||||||||||
Interest cost - affiliate | $ | — | $ | — | $ | — | $ | — | $ | 3.5 | ||||||||||
Interest cost | 60.2 | 51.2 | 53.7 | 48.2 | 20.6 | |||||||||||||||
Interest portion of rent expense | 2.8 | 2.6 | 2.1 | 1.5 | 1.9 | |||||||||||||||
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Total fixed charges | $ | 63.0 | $ | 53.8 | $ | 55.8 | $ | 49.7 | $ | 26.0 | ||||||||||
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Ratios of earnings to fixed charges: | ||||||||||||||||||||
Ratios of earnings to fixed charges | N/A | * | N/A | * | 1.6x | 3.5x | 3.3x | |||||||||||||
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Insufficiency of earnings to cover fixed charges | $ | 11.8 | $ | 152.1 | N/A | * | N/A | * | N/A | * | ||||||||||
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| * | N/A means not applicable |
