EX-12.1 4 dex121.htm CALCULATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES & PREFERRED DIVIDENDS Calculation of Ratio of Earnings to Combined Fixed Charges & Preferred Dividends

Exhibit 12.1

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

(dollars in millions)

 

     Year ended December 31,
     2009    2008    2007    2006    2005

Pre-tax income from continuing operations before adjustment for noncontrolling interests/minority interests in consolidated subsidiaries or income or loss from equity investees plus fixed charges*

   $ 292.5    $ 323.7    $ 291.8    $ 324.0    $ 170.4
                                  

Fixed charges:

              

Interest expensed and capitalized

     132.9      142.8      158.5      163.1      185.0

Appropriate portion of rentals

     6.4      6.9      7.0      7.6      7.1
                                  

Total fixed charges

     139.3      149.7      165.5      170.7      192.1
                                  

Pre-tax income required to pay preferred dividends

     17.9      17.9      18.5      18.6      17.3
                                  

Total combined fixed charges and preferred dividends

   $ 157.2    $ 167.6    $ 184.0    $ 189.3    $ 209.4
                                  

Ratio of earnings to fixed charges

     2.1      2.2      1.8      1.9     

Coverage deficiency**

     n/a      n/a      n/a      n/a    $ 21.7

Ratio of earnings to combined fixed charges and preferred dividends

     1.9      1.9      1.6      1.7     

Coverage deficiency**

     n/a      n/a      n/a      n/a    $ 39.0

 

* Earnings used in computing the ratio of earnings to combined fixed charges and preferred dividends consists of income from continuing operations before income taxes, adjustment for noncontrolling interests/minority interests, income/loss from equity method investees, and fixed charges except for capitalized interest.
** For the period in which a coverage deficiency is presented, earnings were inadequate to cover fixed charges or combined fixed charges and preferred dividends by the amount of the deficiency.