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.