EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
| For the twelve months ended December 31, | ||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
| Pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees |
$ | 631.7 | $ | 566.1 | $ | 523.5 | $ | 428.5 | $ | 405.4 | ||||||||||
| Add: Fixed charges (from below) |
72.7 | 76.6 | 78.6 | 63.0 | 62.7 | |||||||||||||||
| Add: Amortization of capitalized interest |
0.5 | 0.4 | 0.4 | 0.4 | 0.5 | |||||||||||||||
| Add: Distributed income of equity investee |
7.0 | 7.7 | 4.0 | 1.9 | — | |||||||||||||||
| Subtract: Capitalized interest expense |
0.8 | 0.5 | 0.3 | 0.4 | 0.5 | |||||||||||||||
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| Total earnings |
$ | 711.1 | $ | 650.3 | $ | 606.2 | $ | 493.4 | $ | 468.1 | ||||||||||
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| Interest charged to expense |
$ | 63.8 | $ | 68.6 | $ | 70.2 | $ | 55.4 | $ | 55.1 | ||||||||||
| Capitalized interest expense |
0.8 | 0.5 | 0.3 | 0.4 | 0.5 | |||||||||||||||
| One-third of rent expense |
8.1 | 7.5 | 8.1 | 7.2 | 7.1 | |||||||||||||||
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| Total fixed charges |
$ | 72.7 | $ | 76.6 | $ | 78.6 | $ | 63.0 | $ | 62.7 | ||||||||||
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| Ratio of earnings to fixed charges |
9.8x | 8.5x | 7.7x | 7.8x | 7.5x | |||||||||||||||
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