Exhibit 12.1
Ratio of Earnings to Fixed Charges
| Year Ended December 31, | ||||||||||||||||||||
Amounts in millions, except ratios | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
Ratio of Earnings to Fixed Charges | 5.6 x | 3.9 x | 7.3 x | 5.0 x | 6.4 x | |||||||||||||||
Details of the specific calculations are set forth below:
| Year Ended December 31, | ||||||||||||||||||||
| 2010 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Income before taxes | $ | 243.5 | $ | 153.1 | $ | 317.0 | $ | 210.1 | $ | 267.9 | ||||||||||
Add: Fixed charges | 51.7 | 51.1 | 50.3 | 52.1 | 49.4 | |||||||||||||||
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Subtotal | 295.2 | 204.2 | 367.3 | 262.2 | 317.3 | |||||||||||||||
Less: Capitalized interest | (7.1 | ) | (4.8 | ) | (0.9 | ) | (1.3 | ) | (1.0 | ) | ||||||||||
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Total | $ | 288.1 | $ | 199.4 | $ | 366.4 | $ | 260.9 | $ | 316.3 | ||||||||||
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Fixed charges | ||||||||||||||||||||
Interest expense | $ | 29.2 | $ | 32.3 | $ | 35.6 | $ | 36.9 | $ | 35.1 | ||||||||||
Capitalized interest | 7.1 | 4.8 | 0.9 | 1.3 | 1.0 | |||||||||||||||
Interest portion of rent expense (1) | 15.4 | 14.0 | 13.8 | 13.9 | 13.3 | |||||||||||||||
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Total | $ | 51.7 | $ | 51.1 | $ | 50.3 | $ | 52.1 | $ | 49.4 | ||||||||||
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Ratio of Earnings to Fixed Charges | 5.6x | 3.9x | 7.3x | 5.0x | 6.4x | |||||||||||||||
| (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.