Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES


 
 
Year Ended December 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
(In millions)
Earnings Before Fixed charges:
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations before non-controlling interest or tax
 
$
(1,378.7
)
 
$
331.3

 
$
186.1

 
$
128.3

 
$
311.4

Capitalized interest
 
(7.7
)
 
(11.8
)
 

 

 

Amortization of capitalized interest
 
0.9

 
0.5

 

 

 

Income from unconsolidated affiliates
 
(42.7
)
 
(18.9
)
 
(14.8
)
 
(2.0
)
 
(9.3
)
Distributed income from unconsolidated affiliates
 
20.4

 
23.7

 
12.0

 
2.3

 
8.3

Non-controlling interest
 
0.4

 
(0.2
)
 

 

 

Total earnings before fixed charges
 
$
(1,407.4
)
 
$
324.6


$
183.3


$
128.6

 
$
310.4

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
102.5

 
$
47.4

 
$

 
$

 
$

Capitalized interest
 
7.7

 
11.8

 

 

 

Total fixed charges
 
$
110.2

 
$
59.2


$


$

 
$

Total earnings & fixed charges
 
$
(1,297.2
)
 
$
383.8


$
183.3


$
128.6

 
$
310.4

Ratio of earnings to fixed charges
 
N/A

 
6.5


N/A


N/A


N/A

Deficiency
 
$
(1,407.4
)
 
$


$


$

 
$