EX-12.1 2 a2012q4ex-121.htm EXHIBIT 12.1 2012 Q4 EX-12.1


Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Year ended December 31,
 
2012
2011
2010
2009
2008 (1)
 
$
$
$
$
$
Computation of earnings:
 
 
 
 
 
Income (loss) before income taxes
74.6

186.3

101.9

160.0

(107.0
)
Less: Equity in net income of investments in affiliates
—

—

—

(0.6
)
(7.7
)
Plus: fixed charges
35

23.5

32.7

54.4

88.9

Less: capitalized interest
(1.1
)
(0.9
)
(0.4
)
—

—

Earnings
108.5

208.9

134.2

213.8

(25.8
)
Computation of fixed charges
 
 
 
 
 
Interest expense, net
33.1

21.5

31.1

53.5

88

Capitalized interest
1.1

0.9

0.4

—

—

Interest portion of operating lease expense
0.8

1.1

1.2

0.9

0.9

Fixed charges
35

23.5

32.7

54.4

88.9

Ratio of earnings to fixed charges
3.1

8.9

4.1

3.9

—

(1) Earnings for the year ended December 31, 2008 were inadequate to cover fixed charges. The coverage deficiency was $114.7 million.