EX-12.1 2 tmstexhibit12112312016.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions, except ratio amounts)

 
Year Ended December 31,
 
2016
2015 Adjusted
2014 Adjusted
2013
2012
2011
Income (loss) before income taxes
$
(142.0
)
$
(71.7
)
$
68.7

$
127.6

$
234.3

$
252.3

Plus:
 
 
 
 
 
 
Fixed charges
13.4

5.5

8.9

12.0

5.8

3.0

Amortization of capitalized interest
1.9

1.7

0.7

0.6

0.6

0.6

Less:
 
 
 
 
 
 
Interest capitalized
0.7

1.0

6.9

10.8

4.5

1.2

Earnings (loss)
(127.4
)
(65.5
)
71.4

129.4

236.2

254.7

Interest (A)
10.6

3.9

7.1

11.0

4.8

1.8

Amortization of deferred financing costs
1.5

0.5

0.9

0.1

0.2

0.4

Interest portion of rental expense
1.3

1.1

0.9

0.9

0.8

0.8

Fixed Charges
$
13.4

$
5.5

$
8.9

$
12.0

$
5.8

$
3.0

Ratio of Earnings to Fixed Charges
(B)
(B)

8.02

10.78

40.72

84.90



(A) Amount includes interest expense on debt and capitalized interest during the period.

(B) For the year ended December 31, 2016, there was a deficiency of earnings to cover the fixed charges of $114.2 million. For the year ended December 31, 2015, there was a deficiency of earnings to cover the fixed charges of $60.0 million. Accordingly, the ratios for these periods have not been presented.