Exhibit 12.1
Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(dollars in millions)
| Year ended December 31, | |||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||
Pre-tax income from continuing operations before adjustment for noncontrolling interests/minority interests in consolidated subsidiaries or income or loss from equity investees plus fixed charges* | $ | 292.5 | $ | 323.7 | $ | 291.8 | $ | 324.0 | $ | 170.4 | |||||
Fixed charges: | |||||||||||||||
Interest expensed and capitalized | 132.9 | 142.8 | 158.5 | 163.1 | 185.0 | ||||||||||
Appropriate portion of rentals | 6.4 | 6.9 | 7.0 | 7.6 | 7.1 | ||||||||||
Total fixed charges | 139.3 | 149.7 | 165.5 | 170.7 | 192.1 | ||||||||||
Pre-tax income required to pay preferred dividends | 17.9 | 17.9 | 18.5 | 18.6 | 17.3 | ||||||||||
Total combined fixed charges and preferred dividends | $ | 157.2 | $ | 167.6 | $ | 184.0 | $ | 189.3 | $ | 209.4 | |||||
Ratio of earnings to fixed charges | 2.1 | 2.2 | 1.8 | 1.9 | — | ||||||||||
Coverage deficiency** | n/a | n/a | n/a | n/a | $ | 21.7 | |||||||||
Ratio of earnings to combined fixed charges and preferred dividends | 1.9 | 1.9 | 1.6 | 1.7 | — | ||||||||||
Coverage deficiency** | n/a | n/a | n/a | n/a | $ | 39.0 | |||||||||
| * | Earnings used in computing the ratio of earnings to combined fixed charges and preferred dividends consists of income from continuing operations before income taxes, adjustment for noncontrolling interests/minority interests, income/loss from equity method investees, and fixed charges except for capitalized interest. |
| ** | For the period in which a coverage deficiency is presented, earnings were inadequate to cover fixed charges or combined fixed charges and preferred dividends by the amount of the deficiency. |