EX-12 2 clf-2016123110xkex12.htm EXHIBIT 12
Exhibit 12

Ratio of Earnings To Combined Fixed Charges
And Preferred Stock Dividend Requirements
(In Millions)
| Year Ended December 31,
| 2016 |  | 2015 |  | 2014 |  | 2013 |  | 2012
Consolidated pretax income (loss) from continuing operations | $ | 207.0 |  |  | $ | 313.1 |  |  | $ | (19.7 | ) |  | $ | 1,190.9 |  |  | $ | 1,105.4 |
Undistributed earnings of non-consolidated affiliates | — |  |  | (0.1 | ) |  | (9.9 | ) |  | (74.4 | ) |  | (404.8 | )
Amortization of capitalized interest | 0.1 |  |  | 0.3 |  |  | 0.3 |  |  | 2.3 |  |  | 3.7 |
Interest expense | 201.1 |  |  | 230.0 |  |  | 178.3 |  |  | 189.9 |  |  | 208.8 |
Acceleration of debt issuance costs | 35.6 |  |  | 11.3 |  |  | 3.6 |  |  | — |  |  | 0.2 |
Interest portion of rental expense | 0.3 |  |  | 0.9 |  |  | 2.3 |  |  | 2.1 |  |  | 2.8 |
Total Earnings | $ | 444.1 |  |  | $ | 555.5 |  |  | $ | 154.9 |  |  | $ | 1,310.8 |  |  | $ | 916.1 |
Interest expense | $ | 201.1 |  |  | $ | 230.0 |  |  | $ | 178.3 |  |  | $ | 189.9 |  |  | $ | 208.8 |
Acceleration of debt issuance costs | 35.6 |  |  | 11.3 |  |  | 3.6 |  |  | — |  |  | 0.2 |
Interest portion of rental expense | 0.3 |  |  | 0.9 |  |  | 2.3 |  |  | 2.1 |  |  | 2.8 |
Preferred Stock dividend requirements | — |  |  | 38.4 |  |  | 51.2 |  |  | 48.7 |  |  | — |
Fixed Charges Requirements | $ | 237.0 |  |  | $ | 280.6 |  |  | $ | 235.4 |  |  | $ | 240.7 |  |  | $ | 211.8 |
Fixed Charges and Preferred Stock Dividend Requirements | $ | 237.0 |  |  | $ | 280.6 |  |  | $ | 235.4 |  |  | $ | 240.7 |  |  | $ | 211.8 |
RATIO OF EARNINGS TO FIXED CHARGES | 1.9 |  | 2.0 |  | (A) |  | 5.4 |  | 4.3
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS | 1.9 |  | 2.0 |  | (A) |  | 5.4 |  | 4.3
(A) For the year ended December 31, 2014, there was a deficiency of earnings to cover the fixed charges of $235.4 million.