EX-12.1 2 c55853exv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
Ratio of Earnings to Fixed Charges
                                         
    Year Ended December 31,
Amounts in millions, except ratios   2009   2008   2007   2006   2005
Ratio of Earnings to Fixed Charges
    7.3  x     5.0  x     6.4  x     4.9  x     2.9 x  
     Details of the specific calculations are set forth below:
                                         
    Year Ended December 31,  
    2009     2008     2007     2006     2005  
Earnings
                                       
Income before taxes
  $ 317.0     $ 210.1     $ 267.9     $ 194.7     $ 88.0  
Add: Fixed charges
    50.3       52.1       49.4       49.3       46.0  
 
                             
 
                                       
Subtotal
    367.3       262.2       317.3       244.0       134.0  
Less: Capitalized interest
    (0.9 )     (1.3 )     (1.0 )     (0.5 )     (0.8 )
 
                             
 
                                       
Total
  $ 366.4     $ 260.9     $ 316.3     $ 243.5     $ 133.2  
 
                             
 
                                       
Fixed charges
                                       
Interest expense
  $ 35.6     $ 36.9     $ 35.1     $ 36.0     $ 33.3  
Capitalized interest
    0.9       1.3       1.0       0.5       0.8  
Interest portion of rent expense (1)
    13.8       13.9       13.3       12.8       11.9  
 
                             
 
                                       
Total
  $ 50.3     $ 52.1     $ 49.4     $ 49.3     $ 46.0  
 
                             
 
                                       
Ratio of Earnings to Fixed Charges
    7.3  x     5.0  x     6.4  x     4.9  x     2.9  x
 
(1)   The interest portion of rent expense represents the estimated interest component of such rental payments.
     Earnings available for fixed charges represent earnings before income taxes and fixed charges excluding capitalized interest. Fixed charges represent interest expense; amortization of the 2003 and 2008 treasury lock settlements; debt discount and expenses; capitalized interest and that portion of rental expense deemed to be the equivalent of interest.