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Exhibit 12.1
Ratio of Earnings to Fixed Charges
| Year Ended December 31 | |||||||||||||||
| Amounts in millions, except ratios | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||
| Ratio of Earnings to Fixed Charges | 6.1 | x | 6.4 | x | 5.7 | x | 5.6 | x | 4.0 | x | |||||
Details of the specific calculations are set forth below:
| Year Ended December 31, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
| Earnings | ||||||||||||||||||||
| Income before taxes | $ | 614.3 | $ | 423.6 | $ | 374.7 | $ | 244.8 | $ | 160.6 | ||||||||||
| Add: Fixed charges | 119.7 | 78.7 | 80.2 | 51.7 | 51.1 | |||||||||||||||
| Subtotal | 734.0 | 502.3 | 454.9 | 296.5 | 211.7 | |||||||||||||||
| Less: Capitalized interest | (2.8 | ) | (1.7 | ) | (0.8 | ) | (7.1 | ) | (4.8 | ) | ||||||||||
| Total | $ | 731.2 | $ | 500.6 | $ | 454.1 | $ | 289.4 | $ | 206.9 | ||||||||||
| Fixed Charges | ||||||||||||||||||||
| Interest expense | $ | 88.4 | $ | 58.3 | $ | 62.9 | $ | 29.2 | $ | 32.3 | ||||||||||
| Capitalized interest | 2.8 | 1.7 | 0.8 | 7.1 | 4.8 | |||||||||||||||
| Interest portion of rent expense (1) | 28.5 | 18.7 | 16.5 | 15.4 | 14.0 | |||||||||||||||
| Total | $ | 119.7 | $ | 78.7 | $ | 80.2 | $ | 51.7 | $ | 51.1 | ||||||||||
| Ratio of Earnings to Fixed Charges | 6.1 | x | 6.4 | x | 5.7 | x | 5.6 | x | 4.0 | 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.