EX-12 6 dex12.htm STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statements of Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratios)

 

     Years Ended December 31,  
     2007     2006     2005    2004     2003     2002  

Earnings available for fixed charges:

             

Earnings from continuing operations before income taxes, minority interest and cumulative effect of change in accounting principle

   $ 91.4     $ 601.3     $ 331.8    $ 356.8     $ 228.4     $ 167.4  

Less/add: Equity (income) loss of minority-owned companies

     —         0.3       0.6      (0.6 )     (2.7 )     (5.6 )

Add: Dividends received from investees under the equity method

     —         —         —        —         1.0       0.1  

Less/add: Minority interest (income) loss in majority-owned subsidiaries

     (3.3 )     (2.7 )     1.2      0.7       (0.1 )     (0.7 )

Add: Fixed charges before capitalized interest

     299.6       183.4       149.4      119.4       69.3       80.8  

Add: Amortization of capitalized interest

     5.5       4.2       6.1      6.8       7.0       7.2  
                                               

Total earnings available for fixed charges

   $ 393.2     $ 786.5     $ 489.1    $ 483.1     $ 302.9     $ 249.2  
                                               

Fixed charges:

             

Interest expense(1)

   $ 227.3     $ 139.0     $ 110.7    $ 85.9     $ 51.4     $ 62.7  

Interest portion of rental expense

     72.3       44.4       38.7      33.5       17.9       18.1  
                                               

Total fixed charges before capitalized interest

     299.6       183.4       149.4      119.4       69.3       80.8  

Capitalized interest

     3.4       4.7       6.0      2.2       3.1       5.3  
                                               

Total fixed charges

   $ 303.0     $ 188.1     $ 155.4    $ 121.6     $ 72.4     $ 86.1  
                                               

Ratio of earnings to fixed charges

     1.30       4.18       3.15      3.97       4.18       2.89  
                                               

 

 

(1)

Includes amortization of discount related to indebtedness.