EX-12.1 4 a2191462zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

SEALED AIR CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

 

 

 

Year Ended December 31,

 

 

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available to cover fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Earnings before income tax provision

 

$

222.3

 

$

456.0

 

$

400.1

 

$

376.6

 

$

322.9

 

Fixed charges

 

149.8

 

160.2

 

162.6

 

162.5

 

167.7

 

Amortization of capitalized interest

 

5.5

 

4.6

 

3.8

 

3.5

 

3.6

 

Capitalized interest

 

(9.3

)

(9.5

)

(5.2

)

(3.4

)

(4.7

)

Earnings available to cover fixed charges

 

$

368.3

 

$

611.3

 

$

561.3

 

$

539.2

 

$

489.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

128.1

 

$

140.6

 

$

148.0

 

$

149.7

 

$

153.7

 

Capitalized interest

 

9.3

 

9.5

 

5.2

 

3.4

 

4.7

 

Interest component of rental expense (1)

 

12.4

 

10.1

 

9.4

 

9.4

 

9.3

 

Total fixed charges

 

$

149.8

 

$

160.2

 

$

162.6

 

$

162.5

 

$

167.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

2.5

x

3.8

x

3.5

x

3.3

x

2.9

x

 

(1) The interest component of rental expense has been deemed to be approximately 33% of rental expense.