EX-12.1 3 ex121ratioofearnings_2014.htm EXHIBIT 12.1 EX 12.1 RATIO OF EARNINGS_2014


Exhibit 12.1

West Pharmaceutical Services, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
(in millions, except ratio amounts)
2014
2013
2012
2011
2010
EARNINGS:
 
 
 
 
 
Income before income taxes
$
169.0

$
147.1

$
108.6

$
92.7

$
74.5

Add:
 
 
 
 
 
     Fixed charges
21.7

22.0

22.6

23.1

21.1

Less:
 
 
 
 
 
     Capitalized interest
(1.6
)
(1.6
)
(1.9
)
(1.1
)
(0.9
)
Adjusted earnings
$
189.1

$
167.5

$
129.3

$
114.7

$
94.7

 
 
 
 
 
 
FIXED CHARGES:
 
 
 
 
 
Interest expense
$
18.1

$
18.6

$
18.6

$
19.3

$
17.7

One-third of rent expense
3.6

3.4

4.0

3.8

3.4

Total fixed charges
$
21.7

$
22.0

$
22.6

$
23.1

$
21.1

 
 
 
 
 
 
Ratio of earnings to fixed charges
8.71

7.61

5.72

4.97

4.49