Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions, except ratio amounts)
|
| | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, | | Year Ended December 31, |
| | 2017 |
| | 2016 |
| 2015 Adjusted |
| 2014 Adjusted |
| 2013 |
| 2012 |
|
| (Loss) income before income taxes | $ | (8.7 | ) | | $ | (142.0 | ) | $ | (71.7 | ) | $ | 68.7 |
| $ | 127.6 |
| $ | 234.3 |
|
| Plus: | | | | | | | |
| Fixed charges | 12.4 |
| | 13.4 |
| 5.5 |
| 8.9 |
| 12.0 |
| 5.8 |
|
| Amortization of capitalized interest | 1.3 |
| | 1.9 |
| 1.7 |
| 0.7 |
| 0.6 |
| 0.6 |
|
| Less: | | | | | | | |
| Interest capitalized | 0.5 |
| | 0.7 |
| 1.0 |
| 6.9 |
| 10.8 |
| 4.5 |
|
| Earnings (loss) | 4.5 |
| | (127.4 | ) | (65.5 | ) | 71.4 |
| 129.4 |
| 236.2 |
|
| Interest (A) | 10.3 |
| | 10.6 |
| 3.9 |
| 7.1 |
| 11.0 |
| 4.8 |
|
| Amortization of deferred financing costs | 1.2 |
| | 1.5 |
| 0.5 |
| 0.9 |
| 0.1 |
| 0.2 |
|
| Interest portion of rental expense | 0.9 |
| | 1.3 |
| 1.1 |
| 0.9 |
| 0.9 |
| 0.8 |
|
| Fixed Charges | $ | 12.4 |
| | $ | 13.4 |
| $ | 5.5 |
| $ | 8.9 |
| $ | 12.0 |
| $ | 5.8 |
|
| Ratio of Earnings to Fixed Charges | 0.36 |
| | (B) | (B) |
| 8.02 |
| 10.78 |
| 40.72 |
|
(A) Amount includes interest expense on debt and capitalized interest during the period.
(B) For the year ended December 31, 2016, there was a deficiency of earnings to cover the fixed charges of $114.2 million. For the year ended December 31, 2015, there was a deficiency of earnings to cover the fixed charges of $60.0 million. Accordingly, the ratios for these periods have not been presented.
