EX-12.1 2 pkg12312015-exx121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

Ratio of Earnings to Fixed Charges

 
Year Ended December 31
 
Amounts in millions, except ratios
2015
 
2014
 
2013
 
2012
 
2011
 
Ratio of Earnings to Fixed Charges
7.3

x
6.1

x
6.4

x
4.0

x
4.0

x

Details of the specific calculations are set forth below:

 
Year Ended December 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
Earnings
 
 
 
 
 
 
 
 
 
 
Income before taxes
$
664.5

 
$
614.3

 
$
423.6

 
$
244.8

 
$
160.6

 
Add: Fixed charges
105.6

 
119.7

 
78.7

 
80.2

 
51.7

 
Subtotal
770.1

 
734.0

 
502.3

 
325.0

 
212.3

 
Less: Capitalized interest
(2.0
)
 
(2.8
)
 
(1.7
)
 
(0.8
)
 
(7.1
)
 
Total
$
768.1

 
$
731.2

 
$
500.6

 
$
324.2

 
$
205.2

 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest expense
$
85.5

 
$
88.4

 
$
58.3

 
$
62.9

 
$
29.2

 
Capitalized interest
2.0

 
2.8

 
1.7

 
0.8

 
7.1

 
Interest portion of rent expense (1)
18.1

 
28.5

 
18.7

 
16.5

 
15.4

 
Total
$
105.6

 
$
119.7

 
$
78.7

 
$
80.2

 
$
51.7

 
Ratio of Earnings to Fixed Charges
7.3

x
6.1

x
6.4

x
4.0

x
4.0

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.