Years Ended December 31, | |||||||||||||||
(dollars in millions) | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||
Earnings Available for Fixed Charges: | |||||||||||||||
Income before income taxes | $ | 152.5 | $ | 293.8 | $ | 428.6 | $ | 3.2 | $ | 624.9 | |||||
Equity in earnings of affiliates | 1.5 | (0.4 | ) | (0.6 | ) | (1.3 | ) | (0.1 | ) | ||||||
Income attributable to noncontrolling interests | — | — | — | (2.0 | ) | (3.1 | ) | ||||||||
Total earnings | 154.0 | 293.4 | 428.0 | (0.1 | ) | 621.7 | |||||||||
Fixed charges: | |||||||||||||||
Interest expense (1) | 88.4 | 121.9 | 146.3 | 146.8 | 118.0 | ||||||||||
Portion of rent determined to be interest (2) | 42.7 | 40.5 | 39.7 | 42.6 | 36.2 | ||||||||||
$ | 285.1 | $ | 455.8 | $ | 614.0 | $ | 189.3 | $ | 775.9 | ||||||
Fixed Charges: | |||||||||||||||
Interest expensed and capitalized | $ | 90.1 | $ | 122.7 | $ | 147.5 | $ | 147.5 | $ | 120.9 | |||||
Portion of rent determined to be interest (2) | 42.7 | 40.5 | 39.7 | 42.6 | 36.2 | ||||||||||
$ | 132.8 | $ | 163.2 | $ | 187.2 | $ | 190.1 | $ | 157.1 | ||||||
Ratio of Earnings to Fixed Charges | 2.15 | 2.79 | 3.28 | 1.00 | 4.94 | ||||||||||
(2) | A standard ratio of 33% was applied to gross rent expense to approximate the interest portion of short-term and long-term leases. |