EX-12..1 2 pkg12312013-exx121.htm EX-12.1 PKG 12.31.2013 - EX-12.1


Exhibit 12.1

Ratio of Earnings to Fixed Charges

 
Year Ended December 31,
 
Amounts in millions, except ratios
2013
 
2012
 
2011
 
2010
 
2009
 
Ratio of Earnings to Fixed Charges
6.3

x
5.7

x
5.6

x
3.9

x
7.3

x

Details of the specific calculations are set forth below:

 
Year Ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
 
Earnings
 
 
 
 
 
 
 
 
 
 
Income before taxes
$
415.3

 
$
380.6

 
$
243.5

 
$
153.1

 
$
317.0

 
Add: Fixed charges
78.7

 
80.2

 
51.7

 
51.1

 
50.3

 
Subtotal
494.0

 
460.8

 
295.2

 
204.2

 
367.3

 
Less: Capitalized interest
(1.7
)
 
(0.8
)
 
(7.1
)
 
(4.8
)
 
(0.9
)
 
Total
$
492.3

 
$
460.0

 
$
288.1

 
$
199.4

 
$
366.4

 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest expense
$
58.3

 
$
62.9

 
$
29.2

 
$
32.3

 
$
35.6

 
Capitalized interest
1.7

 
0.8

 
7.1

 
4.8

 
0.9

 
Interest portion of rent expense (1)
18.7

 
16.5

 
15.4

 
14.0

 
13.8

 
Total
$
78.7

 
$
80.2

 
$
51.7

 
$
51.1

 
$
50.3

 
Ratio of Earnings to Fixed Charges
6.3

x
5.7

x
5.6

x
3.9

x
7.3

x
____________
(1)
The interest portion of rent expense represents the estimated interest component of such rental payments.

Earnings available for fixed charges represent earnings before income taxes and fixed charges excluding capitalized interest. Fixed charges represent interest expense; amortization of treasury lock settlements; debt discount and expenses; capitalized interest and that portion of rental expense deemed to be the equivalent of interest.