EX-12.1 2 d262559dex121.htm EX-12.1 EX-12.1

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   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

      295.2        204.2        367.3        262.2        317.3   

Less: Capitalized interest

      (7.1 )      (4.8 )      (0.9 )      (1.3 )      (1.0 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 288.1      $ 199.4      $ 366.4      $ 260.9      $ 316.3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 51.7      $ 51.1      $ 50.3      $ 52.1      $ 49.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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.