EX-12 3 ex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ex12.htm
 


 
                                                                               EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
 
(in millions except ratio of earnings to fixed charges)
 
                               
   
Year Ended December 31,
 
   
2009
   
2008
   
2007
   
2006
   
2005
 
Earnings:
                             
  Income from continuing operations before income taxes and noncontrolling interest
  $ 412.1     $ 642.2     $ 346.7     $ 11.7     $ 8.0  
  Portion of rents representative of interest expense
    5.8       5.6       5.2       8.4       0.4  
  Interest on indebtedness, including amortization of deferred loan costs
    0.1       22.3       83.1       89.0       97.0  
  Amortization of capitalized interest
    -       -       -       -       -  
  Minority interest in pre-tax income of subsidiaries that have not incurred
                                       
     fixed charges
    -       -       0.9       (0.6 )     (5.6 )
  Earnings, as adjusted
  $ 418.0     $ 670.1     $ 435.9     $ 108.5     $ 99.8  
                                         
Fixed Charges:
                                       
  Portion of rents representative of interest expense
  $ 5.8     $ 5.6     $ 5.2     $ 8.4     $ 0.4  
  Interest on indebtedness, including amortization of deferred loan costs
    0.1       22.3       83.1       89.0       97.0  
  Capitalized interest
    74.7       41.2       11.2       1.5       0.5  
  Total fixed charges
  $ 80.6     $ 69.1     $ 99.5     $ 98.9     $ 97.9  
                                         
Ratio of earnings to fixed charges
    5.19 x     9.70 x     4.38 x     1.10 x     1.02 x