EX-12.1 9 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1 - Computation of Ratio of Earnings to Fixed Charges

 

(dollars in millions)    2010     2009     2008     2007     2006  

Earnings from continuing operations before taxes

    $ 717.7      $ 671.5      $ 552.7      $ 579.4      $ 396.8   

Add (Deduct):

           

Fixed charges

      18.4        17.5        17.4        16.6        21.8   

Undistributed earnings of equity investments

      (3.6 )      (2.3 )      (1.9 )      (0.7 )      (0.2 ) 
                                        

Earnings available for fixed charges

    $ 732.5      $ 686.7      $ 568.2      $ 595.3      $ 418.4   
                                        

Fixed charges:

           

Interest, including amounts capitalized(1)

    $ 12.7      $ 11.8      $ 12.1      $ 11.9      $ 16.9   

Proportion of rent expense deemed to represent interest factor

      5.7        5.7        5.3        4.7        4.9   
                                        

Fixed charges

    $ 18.4      $ 17.5      $ 17.4      $ 16.6      $ 21.8   
                                        

Ratio of earnings to fixed charges

      39.81        39.24        32.66        35.86        19.19   
                                        

 

(1) Interest related to unrecognized tax benefits is included as income tax expense and not included in fixed charges.

 

Exhibit 12.1