EX-12.1 4 d806872dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

 

     Nine Months
Ended
September 30,
    Years Ended December 31,  
(dollars in millions)    2014     2013     2012     2011     2010     2009  

Pre-Tax Income

   $ 223.4      $ 263.9      $ 238.4      $ 177.1      $ 100.3      $ 78.3   

Less: Income from Equity Investees

     (1.1     (1.3     (0.7     (1.6     (0.5     (0.7

Add: Fixed Charges

     12.0        15.6        18.2        18.6        30.1        34.3   

Less: Capitalized Interest

     (1.8     (2.9     (3.1     (2.0     (2.5     (5.6
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

“Earnings”

   $ 232.5      $ 275.3      $ 252.8      $ 192.1      $ 127.4      $ 106.3   

Interest Expense

   $ 5.9      $ 7.3      $ 9.9      $ 11.6      $ 22.6      $ 24.3   

Capitalized Interest

     1.8        2.9        3.1        2.0        2.5        5.6   

Interest Portion of Rental Expense

     4.3        5.4        5.1        5.1        5.0        4.4   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

“Fixed Charges”

   $ 12.0      $ 15.6      $ 18.2      $ 18.6      $ 30.1      $ 34.3   

Ratio of Earnings to Fixed Charges

     19.4        17.7        13.9        10.3        4.2        3.1   

The table sets forth our ratio of earnings to fixed charges for the periods indicated. The ratio of earnings to fixed charges was calculated by dividing earnings by fixed charges. Earnings were calculated by adding pre-tax income from continuing operations before adjustment for income from equity investees and fixed charges, excluding capitalized interest. Fixed charges were calculated by adding interest on all indebtedness, including amortization of debt issuance costs, and an interest component representing the estimated portion of rental expense that management believes is attributable to interest.