RATIO OF EARNINGS TO FIXED CHARGES
Our ratio of earnings to fixed charges for each of the periods indicated is as follows:
|
|
Three months ended March 31, |
Year ended December 31, |
||||
|
$ in millions |
2009 |
2008 |
2007 |
2006 |
2005 |
2004 |
|
|
|
|
|
|
|
|
|
Income before income taxes, including losses attributable to noncontrolling interests |
$ (37.5) |
$657.0 |
$1,243.8 |
$1,034.3 |
$482.5 |
$39.0 |
|
Less: Equity in earnings of unconsolidated affiliates |
(2.5) |
(46.8) |
(48.1) |
(4.3) |
(0.7) |
(1.5) |
|
Pre tax income before income/(loss) from equity in earnings of unconsolidated affiliates |
(40.0) |
610.2 |
1,195.7 |
1,030.0 |
481.8 |
37.5 |
|
Add: Fixed Charges |
19.8 |
93.3 |
90.5 |
92.7 |
102.7 |
100.8 |
|
Add: Amortization of capitalized interest |
— |
— |
— |
— |
— |
— |
|
Add: Dividends from unconsolidated affiliates |
— |
29.8 |
1.8 |
0.9 |
— |
— |
|
Less: Interest capitalized |
— |
— |
— |
— |
— |
— |
|
Less : Non-controlling interest in pre-tax income |
88.5 |
60.8 |
(212.9) |
(297.0) |
(111.5) |
(0.5) |
|
Earnings |
$68.3 |
$794.1 |
$1,075.1 |
$826.6 |
$473.0 |
$137.8 |
|
|
|
|
|
|
|
|
|
Fixed charges: |
|
|
|
|
|
|
|
Portion of rent expense representing interest |
$3.9 |
$16.4 |
$19.2 |
$15.5 |
$17.6 |
$19.6 |
|
Interest |
15.9 |
76.9 |
71.3 |
77.2 |
85.1 |
81.2 |
|
Total fixed charges |
$19.8 |
$93.3 |
$90.5 |
$92.7 |
$102.7 |
$100.8 |
|
|
|
|
|
|
|
|
|
Ratio of earnings/fixed charges |
3.45 |
8.51 |
11.88 |
8.92 |
4.61 |
1.37 |