EX-12.1 2 dex121.htm CALCULATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES Calculation of Ratio of Earnings to Combined Fixed Charges

Exhibit 12.1

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

(dollars in millions)

 

     Year ended December 31,  
     2010      2009      2008      2007      2006  

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*

   $ 259.0       $ 292.5       $ 323.7       $ 291.8       $ 324.0   
                                            

Fixed charges:

              

Interest expensed and capitalized

     186.1         132.9         142.8         158.5         163.1   

Appropriate portion of rentals

     5.4         6.4         6.9         7.0         7.6   
                                            

Total fixed charges

     191.5         139.3         149.7         165.5         170.7   
                                            

Pre-tax income required to pay preferred dividends

     24.7         17.9         17.9         18.5         18.6   
                                            

Total combined fixed charges and preferred dividends

   $ 216.2       $ 157.2       $ 167.6       $ 184.0       $ 189.3   
                                            

Ratio of earnings to fixed charges

     1.4         2.1         2.2         1.8         1.9   

Ratio of earnings to combined fixed charges and preferred dividends

     1.2         1.9         1.9         1.6         1.7   

 

* 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.