EX-12.1 5 d170709dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in millions)

 

     Years Ended December 31,  
     2015      2014      2013      2012      2011  

Ratio of Earnings to Fixed Charges1

      1.4X         1.6X         2.2X         3.3X         3.3X   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(1)  For purposes of calculating the ratios of earnings to fixed charges, “earnings” represent income (including only distributed income of less than 50% owned entities) before income taxes and fixed charges. “Fixed charges” represent interest expense, including amortization of debt issuance cost, and the portion of rentals representative of an implicit interest factor for such rentals.