EX-12.1 5 exhibit121earningstofixedc.htm EXHIBIT 12.1 EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12.1


STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1) 
(Dollars in millions)
(Unaudited)



 
Year Ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Pretax income (loss) from continuing operations
$
38.7

 
$
30.7

 
$
(4.3
)
 
$
23.7

 
$
(17.1
)
 
Add:
 
 
 
 
 
 
 
 
 
 
Fixed charges
51.1


35.1

 
27.5

 
24.4

 
15.0

 
Earnings adjusted for fixed charges
89.8

 
65.8

 
23.2

 
48.1

 
(2.1
)
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized
$
41.9

 
$
25.3

 
$
19.5

 
$
18.3

 
$
8.6

 
Amortization of discount and capitalized expenses related to indebtedness
1.1

 
2.4

 
2.2

 
2.1

 
2.7

 
Estimate of interest within rental expense (2)
8.1

 
7.4

 
5.8

 
4.0

 
3.7

 
Total Fixed Charges
$
51.1

 
$
35.1

 
$
27.5

 
$
24.4

 
$
15.0

 
Ratio of Earnings to Fixed Charges
1.8

 
1.9

 
—

(3) 
2.0

 
—

(3) 
 
 
 
 
 
 
 
 
 
 
 
(1) Our statement of computation of ratio of earnings to fixed charges should be read in conjunction with our consolidated financial statements and our notes to consolidated financial statements for matters that affect the comparability of the information presented above.
 
 
(2) One-third of rent expense was deemed to be representative of interest.
 
 
 
(3) Our earnings were insufficient to cover fixed charges by $4.3 million in 2015 and $17.1 million in 2013.