Exhibit 12.1
Ratio of Earnings to Fixed Charges
Year Ended December 31, | ||||||||||||||||||||
Amounts in millions, except ratios | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
Ratio of Earnings to Fixed Charges | 5.0 | x | 6.4 | x | 4.9 | x | 2.9 | x | 3.6 x |
Details of the specific calculations are set forth below:
Year Ended December 31, | ||||||||||||||||||||
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Income before taxes | $ | 210.1 | $ | 267.9 | $ | 194.7 | $ | 88.0 | $ | 110.9 | ||||||||||
Add: Fixed charges | 52.1 | 49.4 | 49.3 | 46.0 | 42.5 | |||||||||||||||
Subtotal | 262.2 | 317.3 | 244.0 | 134.0 | 153.4 | |||||||||||||||
Less: Capitalized interest | (1.3 | ) | (1.0 | ) | (0.5 | ) | (0.8 | ) | (0.5 | ) | ||||||||||
Total | $ | 260.9 | $ | 316.3 | $ | 243.5 | $ | 133.2 | $ | 152.9 | ||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense | $ | 36.9 | $ | 35.1 | $ | 36.0 | $ | 33.3 | $ | 31.0 | ||||||||||
Capitalized interest | 1.3 | 1.0 | 0.5 | 0.8 | 0.5 | |||||||||||||||
Interest portion of rent expense (1) | 13.9 | 13.3 | 12.8 | 11.9 | 11.0 | |||||||||||||||
Total | $ | 52.1 | $ | 49.4 | $ | 49.3 | $ | 46.0 | $ | 42.5 | ||||||||||
Ratio of Earnings to Fixed Charges | 5.0 | x | 6.4 | x | 4.9 | x | 2.9 | x | 3.6 | 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 the 2003 and 2008 treasury lock settlements; debt discount and expenses; capitalized interest and that portion of rental expense deemed to be the equivalent of interest.