EX-12.1 5 exhibit121calculationofrat.htm CALCULATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS Exhibit 12.1 Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

Exhibit 12.1

Calculation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

 
 
Year ended December 31,
(dollars in millions)
 
2011
 
2010
 
2009
 
2008
 
2007
Pre-tax income from continuing operations in consolidated subsidiaries plus fixed charges*
 
$
267.0

 
$
259.0

 
$
292.5

 
$
323.7

 
$
291.8

Fixed charges:
 
 
 
 
 
 
 
 
 
 
     Interest expensed and capitalized
 
218.5

 
186.1

 
132.9

 
142.8

 
158.5

     Appropriate portions of rentals
 
6.8

 
5.4

 
6.4

 
6.9

 
7.0

          Total fixed charges
 
225.3

 
191.5

 
139.3

 
149.7

 
165.5

Pre-tax income required to pay preferred dividends
 
24.4

 
24.7

 
17.9

 
17.9

 
18.5

          Total combined fixed charges and preferred dividends
 
$
249.7

 
$
216.2

 
$
157.2

 
$
167.6

 
$
184.0

Ratio of earnings to fixed charges
 
1.2

 
1.4

 
2.1

 
2.2

 
1.8

Ratio of earnings to combined fixed charges and preferred dividends
 
1.1

 
1.2

 
1.9

 
1.9

 
1.6

 
 
 
 
 
 
 
 
 
 
 
* Earnings used in computing the ratio of earnings to combined fixed charges and preferred dividends consists of income from continuing operations before income taxes, adjustments for noncontrolling interests/minority interests, income/loss from equity method investees, and fixed charges except for capitalized interest.