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Content analysis
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H.S. sophomore Avg
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Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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| Year Ended |
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| December 31, |
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(in millions, except for ratio) |
| 2016 |
| 2015 |
| 2014 |
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Earnings: |
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Income (loss) before income taxes |
| $ | 405.3 |
| $ | 203.9 |
| $ | (47.6) |
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Adjustment for companies accounted for by the equity method |
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| (14.7) |
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| (15.2) |
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| (11.8) |
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Less: Capitalized interest |
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| (3.4) |
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| (3.9) |
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| (4.2) |
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Add: Amortization of capitalized interest |
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| 2.1 |
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| 1.5 |
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| 1.3 |
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| 389.3 |
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| 186.3 |
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| (62.3) |
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Fixed Charges: |
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Interest and debt expense |
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| 76.9 |
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| 94.2 |
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| 125.6 |
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Capitalized interest |
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| 3.4 |
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| 3.9 |
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| 4.2 |
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Rental expense representative of interest factor |
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| 1.4 |
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| 1.7 |
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| 1.5 |
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| 81.7 |
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| 99.8 |
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| 131.3 |
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Total adjusted earnings available for payment of fixed charges |
| $ | 471.0 |
| $ | 286.1 |
| $ | 69.0 |
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Ratio of Earnings to Fixed Charges |
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| 5.8 |
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| 2.9 |
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| (a) |
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(a) | Due to a net loss in the year ended December 31, 2014, the ratio of earnings to fixed charges was less than 1. Our earnings were insufficient to cover fixed charges requirements by $62.3 million for the year ended December 31, 2014. |