EX-12.1 4 c10760exv12w1.htm EXHIBIT 12.1 Exhibit 12.1
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(in millions)
                                         
    Year ended December 31,  
    2010     2009     2008     2007     2006  
EARNINGS AS DEFINED
                                       
 
                                       
Earnings from operations before income taxes and before adjustments for net income attributable to noncontrolling interests and after eliminating undistributed earnings of equity method investees
  $ 122.7     $ 96.3     $ 280.5     $ 298.5     $ 364.3  
Preferred stock dividend (pre-tax equivalent)
    (0.3 )     (0.3 )     (0.3 )     (0.5 )     (0.5 )
Fixed charges
    82.1       92.7       109.2       71.3       44.4  
 
                             
TOTAL EARNINGS, AS DEFINED
  $ 204.5     $ 188.7     $ 389.4     $ 369.3     $ 408.2  
 
                             
 
                                       
FIXED CHARGES, AS DEFINED
                                       
Interest expense
  $ 73.7     $ 82.1     $ 98.4     $ 63.6     $ 38.1  
Amortization of capitalized expenses related to debt
    3.3       4.5       5.7       3.6       3.0  
Preferred stock dividend (pre-tax equivalent)
    0.3       0.3       0.3       0.5       0.5  
Interest component of rent expense
    4.8       5.8       4.8       3.6       2.8  
 
                             
TOTAL FIXED CHARGES, AS DEFINED
  $ 82.1     $ 92.7     $ 109.2     $ 71.3     $ 44.4  
 
                             
RATIO OF EARNINGS TO FIXED CHARGES
    2.5       2.0       3.6       5.2       9.2