Exhibit 12.1
Armstrong World Industries, Inc. and Subsidiaries
Computation of Ratios of Earnings to Fixed Charges and of
Earnings to Combined Fixed Charges and Preferred Dividends
(dollar amounts in millions)
| Three Months Ended March 31, |
Year Ended December 31, |
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| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
| Determination of Earnings |
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| Earnings from continuing operations before income taxes |
$ | 49.4 | $ | 222.1 | $ | 150.6 | $ | 94.6 | $ | 154.5 | $ | 116.0 | ||||||||||||
| Equity earnings from joint venture |
(16.3 | ) | (67.0 | ) | (73.1 | ) | (66.1 | ) | (65.1 | ) | (59.4 | ) | ||||||||||||
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| Earnings from continuing operations before income taxes and equity earnings |
$ | 33.1 | $ | 155.1 | $ | 77.5 | $ | 28.5 | $ | 89.4 | $ | 56.6 | ||||||||||||
| Add: |
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| Fixed charges |
9.9 | 38.9 | 51.5 | 47.1 | 48.9 | 73.0 | ||||||||||||||||||
| Distributed income from equity affiliates (1) |
— | — | — | — | — | — | ||||||||||||||||||
| Amortization of capitalized interest |
— | 0.3 | 0.1 | 0.2 | 0.2 | 0.1 | ||||||||||||||||||
| Less: |
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| Capitalized interest |
— | (1.3 | ) | (0.3 | ) | (0.8 | ) | (0.6 | ) | (0.4 | ) | |||||||||||||
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| Total earnings as defined |
$ | 43.0 | $ | 193.0 | $ | 128.8 | $ | 75.0 | $ | 137.9 | $ | 129.3 | ||||||||||||
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| Fixed charges |
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| Interest expense |
$ | 9.2 | $ | 35.4 | $ | 49.5 | $ | 44.6 | $ | 46.6 | $ | 71.0 | ||||||||||||
| Capitalized interest |
— | 1.3 | 0.3 | 0.8 | 0.6 | 0.4 | ||||||||||||||||||
| Estimate of interest included in rent expense (2) |
0.7 | 2.2 | 1.7 | 1.7 | 1.7 | 1.6 | ||||||||||||||||||
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| Total fixed charges |
$ | 9.9 | $ | 38.9 | $ | 51.5 | $ | 47.1 | $ | 48.9 | $ | 73.0 | ||||||||||||
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| Preferred dividends |
— | — | — | — | — | — | ||||||||||||||||||
| Total combined fixed charges and preferred dividends |
$ | 9.9 | $ | 38.9 | $ | 51.5 | $ | 47.1 | $ | 48.9 | $ | 73.0 | ||||||||||||
| Ratio of Earnings to Fixed Charges |
4.3 | 5.0 | 2.5 | 1.6 | 2.8 | 1.8 | ||||||||||||||||||
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| Ratio of Earnings to Combined Fixed Charges and Preferred Dividends |
4.3 | 5.0 | 2.5 | 1.6 | 2.8 | 1.8 | ||||||||||||||||||
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(1) Includes only return on investment, not return of investment.
(2) One-third of rent expense is considered to be representative of the interest factor in rent expense.