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Content analysis
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New words:
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Removed:
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Exhibit 12.1
Ratio of Earnings to Fixed Charges
| Year Ended December 31, | |||||||||||||||
| Amounts in millions, except ratios | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||
| Ratio of Earnings to Fixed Charges | 6.3 | x | 5.7 | x | 5.6 | x | 3.9 | x | 7.3 | x | |||||
Details of the specific calculations are set forth below:
| Year Ended December 31, | ||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
| Earnings | ||||||||||||||||||||
| Income before taxes | $ | 415.3 | $ | 380.6 | $ | 243.5 | $ | 153.1 | $ | 317.0 | ||||||||||
| Add: Fixed charges | 78.7 | 80.2 | 51.7 | 51.1 | 50.3 | |||||||||||||||
| Subtotal | 494.0 | 460.8 | 295.2 | 204.2 | 367.3 | |||||||||||||||
| Less: Capitalized interest | (1.7 | ) | (0.8 | ) | (7.1 | ) | (4.8 | ) | (0.9 | ) | ||||||||||
| Total | $ | 492.3 | $ | 460.0 | $ | 288.1 | $ | 199.4 | $ | 366.4 | ||||||||||
| Fixed Charges | ||||||||||||||||||||
| Interest expense | $ | 58.3 | $ | 62.9 | $ | 29.2 | $ | 32.3 | $ | 35.6 | ||||||||||
| Capitalized interest | 1.7 | 0.8 | 7.1 | 4.8 | 0.9 | |||||||||||||||
| Interest portion of rent expense (1) | 18.7 | 16.5 | 15.4 | 14.0 | 13.8 | |||||||||||||||
| Total | $ | 78.7 | $ | 80.2 | $ | 51.7 | $ | 51.1 | $ | 50.3 | ||||||||||
| Ratio of Earnings to Fixed Charges | 6.3 | x | 5.7 | x | 5.6 | x | 3.9 | x | 7.3 | x | ||||||||||
____________
| (1) | The interest portion of rent expense represents the estimated interest component of such rental payments. |
Earnings available for fixed charges represent earnings before income taxes and fixed charges excluding capitalized interest. Fixed charges represent interest expense; amortization of treasury lock settlements; debt discount and expenses; capitalized interest and that portion of rental expense deemed to be the equivalent of interest.