EX-12.1 11 exhibit121calculationofrat.htm CALCULATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREF DIVIDENDS Exhibit 12.1 Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends (2013)

Exhibit 12.1

Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

 
 
Year ended December 31,
(dollars in millions)
 
2013
 
2012
 
2011
 
2010
 
2009
Pre-tax income from continuing operations in consolidated subsidiaries plus fixed charges*
 
$
163.2

 
$
263.0

 
$
267.0

 
$
259.0

 
$
292.5

Fixed charges:
 
 
 
 
 
 
 
 
 
 
     Interest expensed and capitalized
 
182.6

 
221.6

 
218.5

 
186.1

 
132.9

     Appropriate portions of rentals
 
4.5

 
6.4

 
6.8

 
5.4

 
6.4

          Total fixed charges
 
187.1

 
228.0

 
225.3

 
191.5

 
139.3

Pre-tax income required to pay preferred dividends
 
10.9

 
33.3

 
24.4

 
24.7

 
17.9

          Total combined fixed charges and preferred dividends
 
$
198.0

 
$
261.3

 
$
249.7

 
$
216.2

 
$
157.2

Ratio of earnings to fixed charges
 
—

 
1.2

 
1.2

 
1.4

 
2.1

Coverage deficiency**
 
$
23.9

 
n/a

 
n/a

 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred dividends
 
—

 
1.0

 
1.1

 
1.2

 
1.9

Coverage deficiency**
 
$
34.8

 
n/a

 
n/a

 
n/a

 
n/a

 
 
 
 
 
 
 
 
 
 
 
* Earnings used in computing the ratio of earnings to combined fixed charges and preferred dividends consists of income from continuing operations before income taxes, adjusted to exclude loss from equity method investees and fixed charges except for capitalized interest, and adjusted to include dividends received from equity method investees.
** For the period in which a coverage deficiency is presented, earnings were inadequate to cover fixed charges or combined fixed charges and preferred dividends by the amount of the deficiency.