Exhibit 12.1 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (dollars in millions) Three Months Ended June 30 --------------- 1998 1997 ------ ------ Net Income $ 42.1 $ 37.6 Income Tax Expense and Tax Benefit of Dividends on Preferred Securities of Subsidiary Grantor Trust of $1.0 for the three months ended June 30 27.4 23.0 Fixed Charges (1) 36.1 30.0 ----- ----- Earnings Available for Fixed Charges $105.6 $ 90.6 ===== ===== Fixed Charges (1) $ 36.1 $ 30.0 Preferred Stock Dividends - - ----- ----- Combined Fixed Charges and Preferred Stock Dividends $ 36.1 $ 30.0 ===== ===== Ratio of Earnings to Fixed Charges 2.93x 3.02x ===== ===== Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends 2.93x 3.02x ===== ===== (1) Fixed charges consist of interest expense incurred, the portion of rental expense under operating leases deemed by the Company to be representative of the interest factor and dividends on preferred securities of a subsidiary grantor trust.