EX-12.1 4 d450554dex121.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

2012

2011

2010

2009

2008

Ratio of Earnings to Fixed Charges

5.7x

5.6 x

3.9 x

7.3 x

5.0 x

Details of the specific calculations are set forth below:

		Year Ended December 31,
		2012				2011				2010				2009				2008
Earnings
Income before taxes		$	380.6			$	243.5			$	153.1			$	317.0			$	210.1
Add: Fixed charges			80.2				51.7				51.1				50.3				52.1
Subtotal			460.8				295.2				204.2				367.3				262.2
Less: Capitalized interest			(0.8	)			(7.1	)			(4.8	)			(0.9	)			(1.3	)
Total		$	460.0			$	288.1			$	199.4			$	366.4			$	260.9
Fixed charges
Interest expense		$	62.9			$	29.2			$	32.3			$	35.6			$	36.9
Capitalized interest			0.8				7.1				4.8				0.9				1.3
Interest portion of rent expense (1)			16.5				15.4				14.0				13.8				13.9
Total		$	80.2			$	51.7			$	51.1			$	50.3			$	52.1
Ratio of Earnings to Fixed Charges			5.7x				5.6x				3.9x				7.3x				5.0x

(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 treasury lock settlements; debt discount and expenses; capitalized interest and that portion of rental expense deemed to be the equivalent of interest.