EX-12.1 5 ex12-1.htm Statement of Computation of Ratios of Earnings to Fixed Charges

Exhibit 12.1

 

STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(dollars in millions, except ratio information)

 

     Fiscal Years Ended December 31,
   

 

 

     2003
    2004
    2005
    2006
    2007
   

Income from continuing

                              

operations before income taxes

    540.4    615.3    640.7    720.9    802.3     
    
  
  
  
  
  

Fixed Charges:

                              

Interest on long-term and short-term debt including amortization of debt expense

    40.9    36.1    34.4    47.8    56.6     

Portion of rental expense as can be demonstrated to be representative of the interest factor

    34.7    35.5    39.9    43.6    53.0     
    
  
  
  
  
  

Total fixed charges

    75.6    71.6    74.3    91.4    109.6     
    
  
  
  
  
  

Earnings before income taxes and fixed charges

    616.0    686.9    715.0    812.3    911.9     
    
  
  
  
  
  

Ratio of earnings to fixed charges

    8.15    9.59    9.62    8.89    8.32