EX-12 2 exhibit122012q110-q.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12 2012 Q1 10-Q


EXHIBIT 12


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)
(Unaudited)

 
 
For the Three Months Ended March 31, 2012
 Earnings:
 
 
 Income before income taxes
 
$333.3
 Add: Dividends from affiliates
 
2.6

           Fixed charges
 
72.0

 
 
 
 
 
 
 Total earnings
 
$407.9
 
 
 
 
 
 
 Fixed charges:
 
 
 Interest expense (a)
 
$38.5
 Rent expense interest factor (b)
 
33.5

 
 
 
 
 
 
 Total fixed charges
 
$72.0
 
 
 
 
 
 
 Ratio of earnings to fixed charges
 
5.67x


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(a)
Interest expense includes interest on third-party indebtedness.
(b)
The rent expense interest factor reflects an appropriate portion (one-third) of rent expense representative of interest.