EX-12.1 5 tse-20151231ex1215efb40.htm EX-12.1 tse_Ex_12-1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

December 31,

 

(in millions, except for ratio)

    

2015

    

2014

    

2013

 

Earnings:

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

$
203.9 

 

$
(47.6)

 

$
(0.4)

 

Adjustment for companies accounted for by the equity method

 

 
(15.2)

 

 
(11.8)

 

 
(15.6)

 

Less: Capitalized interest

 

 
(3.9)

 

 
(4.2)

 

 
(3.1)

 

Add: Amortization of capitalized interest

 

 
1.5 

 

 
1.3 

 

 
1.0 

 

 

 

 
186.3 

 

 
(62.3)

 

 
(18.1)

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

Interest and debt expense

 

 
94.2 

 

 
125.6 

 

 
132.6 

 

Capitalized interest

 

 
3.9 

 

 
4.2 

 

 
3.1 

 

Rental expense representative of interest factor

 

 
1.7 

 

 
1.5 

 

 
1.5 

 

 

 

 
99.8 

 

 
131.3 

 

 
137.2 

 

Total adjusted earnings available for payment of fixed charges

 

$
286.1 

 

$
69.0 

 

$
119.1 

 

Ratio of Earnings to Fixed Charges

 

 
2.9 

 

 

(a)  

 

 

(a)  

 

 

(a)

Due to net losses in the years ended December 31, 2014 and 2013, the ratio of earnings to fixed charges was less than 1. Our earnings were insufficient to cover fixed charges requirements by $62.3 million, and $18.1 million for the years ended December 31, 2014 and 2013, respectively.