EX-12.1 4 a2176523zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

($ in Millions)

 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes and minority interests

 

$

84.5

 

$

61.4

 

$

42.4

 

$

64.9

 

$

32.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

13.4

 

$

14.7

 

$

9.8

 

$

10.4

 

$

11.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease expense

 

11.4

 

9.8

 

7.0

 

$

6.7

 

$

6.5

 

Interest factor on operating leases

 

0.33

 

0.33

 

0.33

 

0.33

 

0.33

 

Finance cost of operating leases

 

$

3.8

 

$

3.2

 

$

2.3

 

$

2.2

 

$

2.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

$

17.2

 

$

17.9

 

$

12.1

 

$

12.6

 

$

13.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes and minority interests plus fixed charges

 

$

101.7

 

$

79.3

 

$

54.5

 

$

77.5

 

$

45.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

5.9

 

4.4

 

4.5

 

6.1

 

3.4