Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
(amounts in millions of dollars)
|
| Twelve Months Ended December 31, |
| Three Months |
| ||||||||||||||
|
| 2002 |
| 2003 |
| 2004 |
| 2005 |
| 2006 |
| 2007 |
| ||||||
Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries |
| $ | 318.1 |
| $ | 288.6 |
| $ | 388.4 |
| $ | 395.6 |
| $ | 420.4 |
| $ | 109.8 |
|
Add: Fixed charges (from below) |
| 48.8 |
| 45.6 |
| 42.3 |
| 44.5 |
| 41.2 |
| 9.7 |
| ||||||
Add: Amortization of capitalized interest |
| 0.1 |
| 0.2 |
| 0.2 |
| 0.2 |
| 0.3 |
| 0.2 |
| ||||||
Subtract: Capitalized interest expense |
| 0.3 |
| — |
| — |
| 0.7 |
| 0.6 |
| 0.2 |
| ||||||
|
| $ | 366.7 |
| $ | 334.4 |
| $ | 430.9 |
| $ | 439.6 |
| $ | 461.3 |
| $ | 119.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest expense (including amortization of debt issuance costs and debt discounts) |
| $ | 41.2 |
| $ | 39.6 |
| $ | 34.9 |
| $ | 35.6 |
| $ | 31.9 |
| $ | 7.4 |
|
Add: Capitalized interest expense |
| 0.3 |
| — |
| — |
| 0.7 |
| 0.6 |
| 0.2 |
| ||||||
Add: Portion of rental expense representing interest |
| 7.3 |
| 6.0 |
| 7.4 |
| 8.2 |
| 8.7 |
| 2.2 |
| ||||||
|
| $ | 48.8 |
| $ | 45.6 |
| $ | 42.3 |
| $ | 44.5 |
| $ | 41.2 |
| $ | 9.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ratio of earnings to fixed charges |
| $ | 7.5 |
| $ | 7.3 |
| $ | 10.2 |
| $ | 9.9 |
| $ | 11.2 |
| $ | 12.3 |
|
