Exhibit 12.1
LENNOX INTERNATIONAL INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars Except Ratios)
Nine Months Ended September 30, 2016 | Years Ended December 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||
Pretax Income from Continuing Operations before minority interest and income or loss from equity investees | $ | 326.6 | $ | 269.2 | $ | 303.8 | $ | 262.1 | $ | 191.2 | $ | 157.7 | ||||||||||||
Fixed Charges (calculated below) | 23.7 | 29.3 | 22.8 | 19.1 | 22.4 | 22.9 | ||||||||||||||||||
Amortization of capitalized interest (a) | — | — | — | — | — | — | ||||||||||||||||||
Distributed income of equity investees | 3.9 | 11.0 | 9.1 | 10.3 | 9.3 | 11.0 | ||||||||||||||||||
LII’s share of pre-tax losses of equity investee for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | — | ||||||||||||||||||
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Subtotal | 354.2 | 309.5 | 335.7 | 291.5 | 222.9 | 191.6 | ||||||||||||||||||
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Subtract: | ||||||||||||||||||||||||
Interest Capitalized | 0.4 | 0.6 | 0.5 | 0.4 | 0.3 | 0.2 | ||||||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | — | ||||||||||||||||||
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges | — | 0.1 | (0.1 | ) | 0.5 | 0.3 | 0.3 | |||||||||||||||||
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Subtotal | 0.4 | 0.7 | 0.4 | 0.9 | 0.6 | 0.5 | ||||||||||||||||||
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Total earnings: | $ | 353.8 | $ | 308.8 | $ | 335.3 | $ | 290.6 | $ | 222.3 | $ | 191.1 | ||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest Expense | $ | 19.4 | $ | 24.1 | $ | 17.9 | $ | 15.5 | $ | 18.0 | $ | 18.3 | ||||||||||||
Capitalized Interest Expense | 0.4 | 0.6 | 0.5 | 0.4 | 0.3 | 0.2 | ||||||||||||||||||
Amortized Premiums, discounts and capitalized interest expense related to indebtedness | 1.1 | 1.1 | 1.0 | 1.0 | 0.9 | 0.9 | ||||||||||||||||||
Estimate of the interest within rental expense | 2.8 | 3.5 | 3.4 | 2.2 | 3.2 | 3.5 | ||||||||||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | — | ||||||||||||||||||
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Total fixed charges | $ | 23.7 | $ | 29.3 | $ | 22.8 | $ | 19.1 | $ | 22.4 | $ | 22.9 | ||||||||||||
Ratio of earnings to fixed charges | 14.9 | 10.5 | 14.7 | 15.2 | 9.9 | 8.3 | ||||||||||||||||||
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(a) | Amount of amortization expense related to capitalized interest cannot be disaggregated from the normal depreciation that is recorded on a monthly basis. |