Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES


 
 
Year Ended December 31,
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
(In millions)
Earnings Before Fixed charges:
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before non-controlling interest or tax
 
$
333.3

 
$
186.1

 
$
128.3

 
$
311.4

 
$
232.0

Capitalized interest
 
(11.8
)
 

 

 

 

Amortization of capitalized interest
 
0.5

 

 

 

 

Income from equity investment
 
(18.9
)
 
(14.8
)
 
(2.0
)
 
(9.3
)
 
(5.1
)
Distributed income from equity investment
 
23.7

 
12.0

 
2.3

 
8.3

 
8.7

Non-controlling interest
 
(65.5
)
 

 

 

 

Total earnings before fixed charges
 
$
261.3

 
$
183.3

 
$
128.6

 
$
310.4

 
$
235.6

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense includes discontinued operations
 
$
47.4

 
$

 
$

 
$

 
$

Capitalized interest includes discontinued operations
 
11.8

 

 

 

 

Total fixed charges
 
$
59.2

 
$

 
$

 
$

 
$

Total earnings & fixed charges
 
$
320.5

 
$
183.3

 
$
128.6

 
$
310.4

 
$
235.6

Ratio of earnings to fixed charges
 
5.4

 
N/A

 
N/A

 
N/A

 
N/A

Deficiency
 
$

 
$

 
$

 
$

 
$