EX-12.1 4 a2229415zex-12_1.htm EX-12.1
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Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

December 31 (millions of dollars)
  2015   2014   2013   2012   2011   June 30,
2016 		 
 
    
    
    
    
    
   (millions
of dollars)
  

Earnings

                                      

Net income before adjustment for income from equity investees

     122     116     124     130     115     63  

Fixed charges

     61     45     44     41     50     34  

Distributed income of equity investees          

     (102 )   88     67     99     135     64  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Earnings

     81     239     221     257     300     161  

Fixed Charges

                                      

Interest expensed and capitalized

     60     44     43     40     48     33  

Amortization of other assets

     1     1     1     1     2     1  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Fixed Charges

     61     45     44     41     50     34  

Ratio of Earnings/Fixed Charges

     1.33x     5.31x     5.02x     6.27x     6.00x     4.74x  



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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES