EX-12.1 2 q417exhibit121.htm EXHIBIT 12.1
Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES

|  | Year Ended December 31, |
(in millions, except for ratio) |  | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Computation of earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plus: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings before income taxes from continuing operations |  | $ | 468.2 |  |  |  | $ | 410.5 |  |  |  | $ | 467.9 |  |  |  | $ | 376.1 |  |  |  | $ | 333.0 |  |
Fixed Charges |  | 47.4 |  |  |  | 42.6 |  |  |  | 45.9 |  |  |  | 45.0 |  |  |  | 44.2 |  |
Amortization of capitalized interest |  | 1.3 |  |  |  | 1.2 |  |  |  | 1.1 |  |  |  | 1.0 |  |  |  | 0.8 |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest capitalized |  | 2.4 |  |  |  | 0.9 |  |  |  | 1.0 |  |  |  | 2.2 |  |  |  | 1.7 |  |
Loss from joint venture |  | 0.5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |
Earnings |  | $ | 514.0 |  |  |  | $ | 453.4 |  |  |  | $ | 513.9 |  |  |  | $ | 419.9 |  |  |  | $ | 376.3 |  |
Fixed Charges (1) |  | $ | 47.4 |  |  |  | $ | 42.6 |  |  |  | $ | 45.9 |  |  |  | $ | 45.0 |  |  |  | $ | 44.2 |  |
Ratio of earnings to fixed charges |  | 10.8 |  | x |  | 10.6 |  | x |  | 11.2 |  | x |  | 9.3 |  | x |  | 8.5 |  | x

(1) | Fixed charges consist of interest expense (including interest capitalized and interest on uncertain tax positions) and the portion of rent expense that is representative of the interest factor, which is considered as one-third of total rent expense.