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Filing tables
Filing exhibits
- 10-K Annual report
- 10.41 Performance Award Grant Notice and Agreement [Stock Appreciation]
- 10.42 Form of Severance and Release Agreement
- 12.1 Computation of Ratio of Earnings to Fixed Charges
- 23.1 Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm
- 31.1 Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarb
- 31.2 Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarb
- 32.1 Certifications Pursuant to 18 U.s.c. Section 1350
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Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratio data)
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Fixed Charges (1) | ||||||||||||||||||||
Interest expense | $ | 52.0 | $ | 38.2 | $ | 19.2 | $ | 2.7 | $ | 0.2 | ||||||||||
Amortization of debt issuance costs | 5.3 | 3.4 | 1.2 | — | — | |||||||||||||||
Portion of rental expense representative of interest | 45.3 | 52.6 | 55.7 | 64.8 | 64.3 | |||||||||||||||
Total fixed charges | $ | 102.6 | $ | 94.2 | $ | 76.1 | $ | 67.5 | $ | 64.5 | ||||||||||
Earnings (2) | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 353.7 | $ | 419.5 | $ | 502.4 | $ | 353.0 | $ | 282.4 | ||||||||||
Fixed charges per above | 102.6 | 94.2 | 76.1 | 67.5 | 64.5 | |||||||||||||||
Capitalized interest | (13.8 | ) | (12.7 | ) | (11.6 | ) | (2.7 | ) | (0.2 | ) | ||||||||||
Total earnings as adjusted | $ | 442.5 | $ | 501.0 | $ | 566.9 | $ | 417.8 | $ | 346.7 | ||||||||||
Deficiency of earnings to fixed charges | ||||||||||||||||||||
Ratio of earnings to fixed charges | 4.3x | 5.3x | 7.4x | 6.2x | 5.4x |
(1) For purposes of computing this ratio of earnings to fixed charges, "fixed charges" consist of interest expense on all indebtedness plus amortization of debt issuance costs and an estimate of interest expense within rental expense.
(2) "Earnings" consist of pre-tax income (loss) from continuing operations plus fixed charges.