Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions, except ratio amounts)
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
Income (loss) before income taxes | $ | (22.3 | ) | $ | (115.0 | ) | $ | 158.2 | $ | 127.6 | $ | 234.3 | $ | 252.3 | ||||||||||
Plus: | ||||||||||||||||||||||||
Fixed charges | 2.5 | 5.5 | 8.9 | 12.0 | 5.8 | 3.0 | ||||||||||||||||||
Amortization of capitalized interest | 0.5 | 1.7 | 0.7 | 0.6 | 0.6 | 0.6 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Interest capitalized | 0.2 | 1.0 | 6.9 | 10.8 | 4.5 | 1.2 | ||||||||||||||||||
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Earnings (loss) | (19.5 | ) | (108.8 | ) | 160.9 | 129.4 | 236.2 | 254.7 | ||||||||||||||||
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Interest (A) | 1.8 | 3.9 | 7.1 | 11.0 | 4.8 | 1.8 | ||||||||||||||||||
Amortization of deferred financing costs | 0.4 | 0.5 | 0.9 | 0.1 | 0.2 | 0.4 | ||||||||||||||||||
Interest portion of rental expense | 0.3 | 1.1 | 0.9 | 0.9 | 0.8 | 0.8 | ||||||||||||||||||
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Fixed Charges | $ | 2.5 | $ | 5.5 | $ | 8.9 | $ | 12.0 | $ | 5.8 | $ | 3.0 | ||||||||||||
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Ratio of Earnings to Fixed Charges | (B) | (B) | 18.08 | 10.78 | 40.72 | 84.90 | ||||||||||||||||||
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(A) | Amount includes interest expense on debt and capitalized interest during the period. |
(B) | For the three months ended March 31, 2016, there was a deficiency of earnings to cover the fixed charges of $22.0 million. For the year ended December 31, 2015, there was a deficiency of earnings to cover the fixed charges of $114.3 million. Accordingly, the ratios for these periods have not been presented. |