Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS
Our ratio of earnings to fixed charges and preference dividends for each of the periods indicated is as follows:
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| Three months | Year ended December 31, | ||||||
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$ in millions | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||
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Income before income taxes, including gains and losses attributable to noncontrolling interests | $264.6 | $357.5 | $657.0 | $1,243.8 | $1,034.3 | $482.5 | ||
Less: Equity in earnings of unconsolidated affiliates | (5.8) | (27.0) | (46.8) | (48.1) | (4.3) | (0.7) | ||
Pre tax income before income from equity in earnings of unconsolidated affiliates | 258.8 | 330.5 | 610.2 | 1,195.7 | 1,030.0 | 481.8 | ||
Add: Fixed Charges | 16.5 | 81.7 | 93.3 | 90.5 | 92.7 | 102.7 | ||
Add: Amortization of capitalized interest | 0 | 0 | 0 | 0 | 0 | 0 | ||
Add: Dividends from unconsolidated affiliates | 1.2 | 28.3 | 29.8 | 1.8 | 0.9 | 0.0 | ||
Less: Interest capitalized | 0 | 0 | 0 | 0 | 0 | 0 | ||
Less: Noncontrolling interests in consolidated entities, net | (119.5) | 113.2 | 60.7 | (212.9) | (297.0) | (111.5) | ||
Earnings | 157.0 | 553.7 | 794.0 | 1,075.1 | 826.6 | 473.0 | ||
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Fixed charges: |
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Portion of rent expense representing interest | 4.1 | 17.2 | 16.4 | 19.2 | 15.5 | 17.6 | ||
Interest | 12.4 | 64.5 | 76.9 | 71.3 | 77.2 | 85.1 | ||
Total fixed charges | 16.5 | 81.7 | 93.3 | 90.5 | 92.7 | 102.7 | ||
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Ratio of earnings/fixed charges | 9.52 | 6.78 | 8.51 | 11.88 | 8.92 | 4.61 | ||
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