EX-12.1 3 d436228dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

 

     2017     2016     2015     2014     2013  

Pre-Tax Income

     326.5       340.1       320.3       298.7       263.9  

Less: Minority Interests

     (3.3     (2.5     (2.1     (1.4     (1.3

Add: Fixed Charges

     39.3       29.4       19.7       14.8       14.4  

Less: Capitalized Interest

     (8.0     (3.4     (2.1     (2.6     (2.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

“Earnings”

     354.5       363.5       335.8       309.5       274.1  

Interest expense

     27.3       22.1       14.2       8.0       7.3  

Capitalized Interest

     8.0       3.4       2.1       2.6       2.9  

Rentals (interest component one-third)

     4.0       3.8       3.4       4.2       4.2  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

“Fixed Charges”

     39.3       29.4       19.7       14.8       14.4  

Ratio of Earnings to Fixed Charges

     9.0       12.4       17.1       20.9       19.0  

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.

 

     2017     2016     2015     2014     2013  

Interest Paid on Borrowings

     34.1       24.4       14.2       8.2       8.1  

Tax related

     (0.5     (0.1     0.9       1.3       0.7  

Amort of Def Fin Costs

     1.7       1.3       1.2       1.1       1.5  

Interest Income

     (0.1     (0.0     (0.1     (0.0     (0.0

Credit to Capitalize Interest

     (8.0     (3.4     (2.1     (2.6     (2.9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(A) Interest expense

     27.3       22.1       14.2       8.0       7.3  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As Reported

     27.3       22.1       14.2       8.0       7.3  

(B)Addback Captitalized interest

     8.0       3.4       2.1       2.6       2.9  

Rental expense (As Reported in 10-K)

     12.0       11.4       10.2       12.7       12.6  

(C) Interest Portion ( Estimated @ 33% of Rental expense)

     4.0       3.8       3.4       4.2       4.2  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

(A) + (B)+(C) Fixed Charges

     39.3       29.4       19.7       14.8       14.4  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio

     9.03       12.38       17.07       20.94       19.02