EX-12.1 8 bwex121_022814.htm RATIO OF EARNINGS TO FIXED CHARGES

EXHIBIT 12.1 

Ratio of Earnings to Fixed Charges

(Dollars in Millions)

 

 

Earnings:   2009   2010   2011   2012   2013
             
Earnings before income taxes and non-controlling interest   17.9   477.9    $   765.9    $  761.0    $  869.3
             
Income in equity investees         (21.8)        (39.6)         (38.2)        (42.8)         (43.5)
     
Fixed charges   77.9   88.5           99.3         67.1          56.2
     
Capitalized interest amortization expense   6.8   7.4            7.9           9.9            8.9
     
Distributed income of equity investees   49.5   37.0           31.7         26.7          11.4
     
Less: Capitalized interest         (11.2)        (11.2)         (15.0)        (17.8)         (11.9)
             
Total earnings    $   119.1    $  560.0    $   851.6    $  804.1    $  890.4
             
Fixed Charges:            
             
Interest expense   57.2   68.8    $     74.6    $    39.4    $    34.2
     
Capitalized interest   11.2   11.2           15.0         17.8          11.9
     
Rent expense   28.5   25.6           29.0   29.8   30.2
     
1/3 of rent expense             9.5           8.5            9.7           9.9          10.1
         
Total fixed charges    $     77.9    $    88.5    $     99.3    $    67.1    $    56.2
                 
Ratio of earnings to fixed charges           1.53          6.33           8.58        11.98        15.85