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Exhibit 12.1
USG Corporation
Ratio of Earnings to Fixed Charges
 
 
Nine Months Ended September 30,
 
Year end December 31,
 
 
2017
 
2016
 
2015(a)
 
2014(a)
 
2013(a)
 
2012(a)
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before taxes
 
243

 
274

 
236

 
33

 
55

 
(134
)
Less: Income (loss) from equity method investments
 
42

 
49

 
50

 
35

 
1

 
—

Income (loss) from continuing operations before income taxes and equity method investment earnings
 
201

 
225

 
186

 
(2
)
 
54

 
(134
)
Add: Distributed income of equity investee
 
23

 
47

 
38

 
—

 
—

 
—

Add: Fixed charges
 
66

 
158

 
178

 
196

 
220

 
219

Less: Interest capitalized
 
(2
)
 
(1
)
 
(3
)
 
(3
)
 
(3
)
 
—

Total Earnings (Loss)
 
288

 
429

 
399

 
191

 
271

 
85

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
52

 
141

 
159

 
173

 
195

 
197

Amortized premiums, discounts, and capitalized related to indebtedness
 
2

 
4

 
4

 
6

 
8

 
9

Interest capitalized
 
2

 
1

 
3

 
3

 
3

 
—

Interest portion of rent expense
 
10

 
12

 
12

 
14

 
14

 
13

Total Fixed Charges
 
66

 
158

 
178

 
196

 
220

 
219

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
4.4

 
2.7

 
2.2

 
1.0

 
1.2

 
- (b)

(a)
Results have been adjusted to reflect L&W Supply Corporation, which was sold on October 31, 2016, as a discontinued operation.
(b)
As a result of the net losses, the amount of the coverage deficiency for the year ended December 31, 2012 was $134 million.