Exhibit 12.1

 

Computation of Ratio of Earnings to Fixed Charges

(amounts in millions of dollars)

 

 

 

Year Ended December 31,

 

Nine Months
Ended
September 30,

 

 

 

2004

 

2005

 

2006

 

2007

 

2008

 

2009

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees

 

$

 388.4

 

$

 395.6

 

$

 420.4

 

$

 431.9

 

$

 411.7

 

$

 278.7

 

Add: Fixed charges (from below)

 

42.3

 

44.5

 

38.5

 

66.3

 

81.0

 

49.6

 

Add: Amortization of capitalized interest

 

0.2

 

0.2

 

0.3

 

0.4

 

0.6

 

0.5

 

Add: Distributed income of equity investee

 

 

 

 

 

0.7

 

1.8

 

Subtract: Capitalized interest expense

 

 

0.7

 

0.6

 

0.9

 

2.0

 

0.9

 

 

 

$

 430.9

 

$

 439.6

 

$

 458.6

 

$

 497.7

 

$

 492.0

 

$

 329.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (including amortization of debt issuance costs, debt discounts and premiums)

 

$

 34.9

 

$

 35.6

 

$

 31.9

 

$

 58.5

 

$

 71.3

 

$

 42.9

 

Add: Capitalized interest expense

 

 

0.7

 

0.6

 

0.9

 

2.0

 

0.9

 

Add: Portion of rentals representing interest

 

7.4

 

8.2

 

6.0

 

6.9

 

7.7

 

5.8

 

 

 

$

 42.3

 

$

 44.5

 

$

 38.5

 

$

 66.3

 

$

 81.0

 

$

 49.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

10.2

 

9.9

 

11.9

 

7.5

 

6.1

 

6.7