EX-12.1 3 d234041dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions, except ratio amounts)

 

   

Six Months

Ended
June 30,

    Year Ended December 31,  

 

 
    2016     2015     2014     2013     2012     2011  

 

 

 Income (loss) before income taxes

  $ (38.9   $ (115.0   $ 158.2      $ 127.6      $ 234.3      $ 252.3    

 Plus:

           

Fixed charges

    6.6        5.5        8.9        12.0        5.8        3.0    

Amortization of capitalized interest

    1.0        1.7        0.7        0.6        0.6        0.6    

 Less:

           

Interest capitalized

    0.3        1.0        6.9        10.8        4.5        1.2    

 

 

 Earnings (loss)

    (31.6     (108.8     160.9        129.4        236.2        254.7    

 

 

 Interest (A)

    5.2        3.9        7.1        11.0        4.8        1.8    

 Amortization of deferred financing costs

    0.8        0.5        0.9        0.1        0.2        0.4    

 Interest portion of rental expense

    0.6        1.1        0.9        0.9        0.8        0.8    

 

 

 Fixed Charges

  $ 6.6      $         5.5      $ 8.9      $ 12.0      $ 5.8      $ 3.0    

 

 

 Ratio of Earnings to Fixed Charges

    (B     (B          18.08             10.78             40.72             84.90    

 

 

 

(A)    Amount includes interest expense on debt and capitalized interest during the period.

(B)    For the six months ended June 30, 2016, there was a deficiency of earnings to cover the fixed charges of $38.2 million. For the year ended December 31, 2015, there was a deficiency of earnings to cover the fixed charges of $114.3 million. Accordingly, the ratios for these periods have not been presented.