Exhibit 12
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
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Year Ended December 31, |
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2010 |
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2011 |
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2012 |
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2013 |
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2014 |
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Earnings: |
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Income from continuing operations before income taxes |
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$ |
95.9 |
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$ |
107.9 |
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$ |
100.2 |
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$ |
87.8 |
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$ |
83.1 |
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Add Fixed Charges: |
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Interest Expense |
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22.8 |
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25.8 |
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24.6 |
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21.5 |
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19.9 |
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Portion of rent representative of an interest factor (a) |
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3.2 |
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3.7 |
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4.4 |
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4.5 |
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4.4 |
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Adjusted income before income taxes |
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$ |
121.9 |
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$ |
137.4 |
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$ |
129.2 |
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$ |
113.8 |
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$ |
107.4 |
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Fixed Charges |
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Interest Expense |
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$ |
22.8 |
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$ |
25.8 |
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$ |
24.6 |
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$ |
21.5 |
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$ |
19.9 |
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Portion of rent expense representative of an interest factor (a) |
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3.2 |
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3.7 |
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4.4 |
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4.5 |
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4.4 |
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Total Fixed Charges |
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$ |
26.0 |
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$ |
29.5 |
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$ |
29.0 |
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$ |
26.0 |
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$ |
24.3 |
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Ratio of earnings to fixed charges |
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4.7 |
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4.7 |
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4.5 |
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4.4 |
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4.4 |
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(a) One-third of net rent expense is the portion deemed representative of the interest factor