EX-12.1 2 a2013q4ex-121.htm EXHIBIT 12.1 2013 Q4 EX-12.1


Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Year ended December 31,
 
2013
2012
2011
2010
2009
 
$
$
$
$
$
Computation of earnings:
 
 
 
 
 
Income (loss) before income taxes
(77.8
)
74.6

186.3

101.9

160.0

Less: Equity in net income of investments in affiliates
—

—

—

—

(0.6
)
Plus: fixed charges
50.2

35.0

23.5

32.7

54.4

Less: capitalized interest
(1.6
)
(1.1
)
(0.9
)
(0.4
)
—

Earnings
(29.2
)
108.5

208.9

134.2

213.8

Computation of fixed charges
 
 
 
 
 
Interest expense, net
47.5

33.1

21.5

31.1

53.5

Capitalized interest
1.6

1.1

0.9

0.4

—

Interest portion of operating lease expense
1.1

0.8

1.1

1.2

0.9

Fixed charges
50.2

35.0

23.5

32.7

54.4

Ratio of earnings to fixed charges
(a)

3.1

8.9

4.1

3.9

(a) Ratio is less than one; earnings are inadequate to cover fixed charges. The dollar amount of the coverage deficiency for the affected period is presented below.
 
 
Year ended December 31,
 
2013
2012
2011
2010
2009
 
$
$
$
$
$
Coverage deficiency - earnings to fixed charges
79.4

—

—

—

—