EX-12.1 3 dex121.htm STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement Regarding Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

Statement Regarding Computation of Ratio of Earnings to Fixed Charges

 

     Years Ended December 31,  
     2010     2009     2008     2007     2006  
     (Dollars in millions)  

Earnings calculation:

          

Income before income taxes

   $ 282.8      $ 315.7      $ 241.1      $ 341.7      $ 309.7   

Fixed charges

     201.8        191.8        156.8        147.0        121.9   
                                        

Earnings

   $ 484.6      $ 507.5      $ 397.9      $ 488.7      $ 431.6   
                                        

Fixed charges calculation:

          

Other interest expense including capital lease interest but excluding senior notes and hybrid notes

   $ 0.6      $ 0.8      $ 1.2      $ 1.4      $ 1.0   

Amortization of senior notes

     17.6        17.6        17.6        17.5        17.5   

Amortization of hybrid notes

     21.1        21.2        21.0        12.4          

Interest credited

     158.4        145.6        110.7        108.8        97.7   

Portion of rental expense representing an interest factor (1)

     4.1        6.6        6.3        6.9        5.7   
                                        

Total fixed charges

   $ 201.8      $ 191.8      $ 156.8      $ 147.0      $ 121.9   
                                        

Ratio of earnings to fixed charges

     2.4     2.6     2.5     3.3     3.5

 

(1) Interest portion of operating leases is assumed to be 28 percent.