Exhibit 12.1
Ratio of Earnings to Fixed Charges
(in millions, except for ratios)
Fiscal Year Ended | ||||||||||||||||||||
| January 1, 2012 | December 31, 2012 | December 31, 2013 | December 31, 2014 | December 31, 2015 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Pre-tax income (excluding equity income of affiliates) | $ | 111.3 | $ | 100.4 | $ | 85.1 | $ | 152.00 | $ | 141.0 | ||||||||||
Dividends received from unconsolidated joint ventures | 9.9 | — | 3.2 | 4.3 | 3.2 | |||||||||||||||
Interest Expense (including the interest element of rental expense and write-off of deferred financing fees) | 88.9 | 104.1 | 116.9 | 100.7 | 122.0 | |||||||||||||||
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Total Earnings + Fixed Charges | $ | 210.1 | $ | 204.5 | $ | 205.2 | $ | 257.0 | $ | 266.2 | ||||||||||
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Fixed Charges: | ||||||||||||||||||||
Interest Expense (including the interest element of rental expense and write-off of deferred financing fees) | $ | 88.9 | $ | 104.1 | $ | 116.9 | $ | 100.7 | $ | 122.0 | ||||||||||
Capitalized interest | 3.1 | 1.2 | — | 0.7 | 1.0 | |||||||||||||||
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Total Fixed Charges (Including capitalized interest) | $ | 92.0 | $ | 105.3 | $ | 116.9 | $ | 101.4 | $ | 122.8 | ||||||||||
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Ratio of Earnings to Fixed Charges | 2.3x | 1.9x | 1.8x | 2.5x | 2.1x | |||||||||||||||