EX-12 8 exhibit121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

RATIO OF EARNINGS TO FIXED CHARGES

Our ratio of earnings to fixed charges for each of the periods indicated is as follows:

 

 

Three months ended March 31,

 

Year ended December 31,

 

$ in millions

 

2009

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

 

 

 

 

Income before income taxes, including losses attributable to noncontrolling interests

$ (37.5)

$657.0

  $1,243.8

  $1,034.3

$482.5

$39.0

Less: Equity in earnings of unconsolidated affiliates

(2.5)

 (46.8)

 (48.1)

 (4.3)

 (0.7)

(1.5)

Pre tax income before income/(loss) from equity in earnings of unconsolidated affiliates

(40.0)

610.2

  1,195.7

  1,030.0

481.8

37.5

Add: Fixed Charges

19.8

93.3

 90.5

 92.7

102.7

100.8

Add: Amortization of capitalized interest

 —

—

 —

  —

—

—

Add: Dividends from unconsolidated affiliates

 —

29.8

1.8

0.9

—

—

Less: Interest capitalized

 —

—

 —

  —

—

—

Less : Non-controlling interest in pre-tax income

88.5

60.8

 (212.9)

 (297.0)

  (111.5)

(0.5)

Earnings

$68.3

 $794.1

  $1,075.1

 $826.6

 $473.0

 $137.8

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

Portion of rent expense representing interest

$3.9

$16.4

$19.2

$15.5

$17.6

$19.6

Interest

15.9

76.9

71.3

77.2

85.1

81.2

Total fixed charges

$19.8

$93.3

$90.5

$92.7

 $102.7

 $100.8

 

 

 

 

 

 

 

Ratio of earnings/fixed charges

3.45

   8.51

   11.88

8.92

   4.61

 1.37