EX-12 4 d432134dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of ratio of earnings to fixed charges

Exhibit 12

 

(in Millions, Except Ratios)    For the Nine Months Ended      Year ended December 31,  
     September 30, 2012      2011     2010     2009     2008     2007  

Earnings:

             

Income from continuing operations before income taxes

   $ 475.8       $ 550.5      $ 350.5      $ 310.0      $ 471.9      $ 195.3   

Equity in (earnings) loss of affiliates

     0.7         (2.6     (2.7     (2.3     (3.1     (2.5

Interest expense and amortization of debt discount, fees and expenses

     33.8         39.5        39.5        27.2        32.9        37.5   

Amortization of capitalized interest

     3.1         3.9        3.9        3.7        4.1        3.9   

Interest included in rental expense

     4.9         6.5        6.3        6.3        5.3        5.0   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings

   $ 518.3       $ 597.8      $ 397.5      $ 344.9      $ 511.1      $ 239.2   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

             

Interest expense and amortization of debt discount, fees and expenses

   $ 33.8       $ 39.5      $ 39.5      $ 27.2      $ 32.9      $ 37.5   

Interest capitalized as part of fixed assets

     5.6         6.9        7.5        3.8        5.7        4.2   

Interest included in rental expense

     4.9         6.5        6.3        6.3        5.3        5.0   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

   $ 44.3       $ 52.9      $ 53.3      $ 37.3      $ 43.9      $ 46.7   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges (1) (2)

     11.7         11.3        7.5        9.2        11.6        5.1   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) In calculating this ratio, earnings consist of income (loss) from continuing operations before income taxes plus interest expense, net, amortization expense related to debt discounts, fees and expenses, amortization of capitalized interest, interest included in rental expenses (assumed to be one-third of rent) and Equity in (earnings) loss of affiliates. Fixed charges consist of interest expense, amortization of debt discounts, fees and expenses, interest capitalized as part of fixed assets and interest included in rental expenses.
(2) As of the date for which information is presented in the above table, no preferred stock was issued and outstanding. Accordingly, no separate calculation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends is presented.