EX-12.1 8 c50493exv12w1.htm EX-12.1 exv12w1
EXHIBIT 12.1
STATEMENT REGARDING COMPUTATION
OF
RATIO OF EARNINGS TO FIXED CHARGES
Ratio of Earnings to Fixed Charges
(Dollars in millions)
                                         
    2004     2005     2006     2007     2008  
Earnings:
                                       
Earnings before income taxes and minority interest
  $ 308.6     $ 314.2     $ 270.3     $ 430.4     $ 14.0  
Income in equity investees
    (29.2 )     (28.2 )     (35.9 )     (40.3 )     (38.4 )
Fixed charges
    40.0       51.3       56.2       54.2       62.6  
Capitalized interest amortization expense
    2.9       3.0       3.9       4.9       5.8  
Distributed income of equity investees
    23.9       12.9       44.2       18.2       40.6  
Less: Capitalized interest
    (4.3 )     (6.9 )     (8.5 )     (9.6 )     (13.3 )
 
                             
Total earnings
  $ 341.9     $ 346.3     $ 330.2     $ 457.8     $ 71.3  
     
Fixed Charges:
                                       
Interest expense
  $ 29.7     $ 37.1     $ 40.2     $ 34.7     $ 38.8  
Capitalized interest
    4.3       6.9       8.5       9.6       13.3  
Rent expense
    18.0       21.9       22.4       29.8       31.5  
1/3 of rent expense
    6.0       7.3       7.5       9.9       10.5  
 
                             
Total fixed charges
  $ 40.0     $ 51.3     $ 56.2     $ 54.2     $ 62.6  
     
Ratio of earnings to fixed charges
      8.55 x     6.75 x     5.88 x     8.45 x     1.14 x