EX-12.1 3 tmstexhibit12109302017.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions, except ratio amounts)

 
Nine Months Ended September 30,
 
Year Ended December 31,
 
2017

 
2016

2015 Adjusted

2014 Adjusted

2013

2012

(Loss) income before income taxes
$
(8.7
)
 
$
(142.0
)
$
(71.7
)
$
68.7

$
127.6

$
234.3

Plus:
 
 
 
 
 
 
 
Fixed charges
12.4

 
13.4

5.5

8.9

12.0

5.8

Amortization of capitalized interest
1.3

 
1.9

1.7

0.7

0.6

0.6

Less:
 
 
 
 
 
 
 
Interest capitalized
0.5

 
0.7

1.0

6.9

10.8

4.5

Earnings (loss)
4.5

 
(127.4
)
(65.5
)
71.4

129.4

236.2

Interest (A)
10.3

 
10.6

3.9

7.1

11.0

4.8

Amortization of deferred financing costs
1.2

 
1.5

0.5

0.9

0.1

0.2

Interest portion of rental expense
0.9

 
1.3

1.1

0.9

0.9

0.8

Fixed Charges
$
12.4

 
$
13.4

$
5.5

$
8.9

$
12.0

$
5.8

Ratio of Earnings to Fixed Charges
0.36

 
(B)
(B)

8.02

10.78

40.72



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

(B) For the year ended December 31, 2016, there was a deficiency of earnings to cover the fixed charges of $114.2 million. For the year ended December 31, 2015, there was a deficiency of earnings to cover the fixed charges of $60.0 million. Accordingly, the ratios for these periods have not been presented.