EX-12.1 3 h43563a1exv12w1.htm RATIO OF EARNINGS TO FIXED CHARGES exv12w1
 

EXHIBIT 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                                 
    Three
Months
Ended
March 31,
  Year Ended December 31,
    2007   2006   2005   2004   2003   2002
EARNINGS
                                       
Income from continuing operations before income from equity investees (1)
  $ 81.0 $ 277.4     $ 215.9     $ 129.5     $ 59.3     $ 64.8  
Add: Fixed Charges
  57.9   149.2       92.0       54.6       43.7       39.2  
Distributed income of equity investees
  0.3   1.1       0.8       0.4       0.3        
Subtract: Capitalized Interest
  (2.8 )   (6.0 )     (1.8 )     (0.5 )     (0.5 )     (0.8 )
Total Earnings (1)
  136.4   421.7       306.9       184.0       102.8       103.2  
 
                                       
FIXED CHARGES
                                       
Interest Expensed and Capitalized (2)
  55.1   140.9       84.9       49.2       36.8       32.8  
Amortization of Debt Expense
  0.8   3.2       2.9       2.5       3.8       3.7  
Portion of rent expense related to interest (33%)
  2.0   5.1       4.2       2.9       3.1       2.7  
Total Fixed Charges
  57.9   149.2       92.0       54.6       43.7       39.2  
 
                                       
RATIO OF EARNINGS TO FIXED CHARGES
  2.36 x   2.83 x     3.34 x     3.37 x     2.36 x     2.64 x
 
(1)       For purposes of computing the ratio of earnings to fixed charges, “earnings” consists of pretax income from continuing operations plus fixed charges (excluding capitalized interest). “Fixed charges” represent interest incurred (whether expensed or capitalized), amortization of debt expense, and that portion of rental expense on operating leases deemed to be the equivalent of interest.
(2)       Includes interest costs attributable to borrowings for inventory stored in a contango market of $11.2 million for the three months ended March 31, 2007 and $49.2 million, $23.7 million, $2.0 million, $1.0 million and $3.0 million for each of the years ended December 31, 2006, 2005, 2004, 2003 and 2002, respectively.