EX-12.1 2 a2014q4ex1212.htm EXHIBIT 12.1 2014Q4 EX 121 (2)


Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
Year ended and as of December 31,
 
2014
2013
2012
2011
2010
 
$
$
$
$
$
Computation of earnings:
 
 
 
 
 
Income (loss) before income taxes
(28.7
)
(77.8
)
74.6

186.3

101.9

Less: Equity in net income of investments in affiliates





Plus: fixed charges
54.0

50.2

35.0

23.5

32.7

Less: capitalized interest
(2.3
)
(1.6
)
(1.1
)
0.9

0.4

Earnings
23.0

(29.2
)
108.5

210.7

135.0

Computation of fixed charges
 
 
 
 
 
Interest expense, net
50.4

47.5

33.1

21.5

31.1

Capitalized interest
2.3

1.6

1.1

0.9

0.4

Interest portion of operating lease expense
1.3

1.1

0.8

1.1

1.2

Fixed charges
54.0

50.2

35.0

23.5

32.7

Ratio of earnings to fixed charges
0.4

(0.6
)
3.1

9.0

4.1

(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 and as of December 31,
 
2014
2013
2012
2011
2010
 
$
$
$
$
$
Coverage deficiency - earnings to fixed charges

(79.4
)