Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
| Six Months | ||||||||||||||||||||||||
| Ended | Twelve Months Ended December 31, | |||||||||||||||||||||||
| Amounts in Millions, except ratios | 6/30/13 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||
| Earnings: |
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| Income before income tax expense, equity in earnings or loss of JV and adjustment for non-controlling interests |
$ | (164.4 | ) | $ | (81.5 | ) | $ | (1,384.1 | ) | $ | (12.5 | ) | $ | (100.2 | ) | $ | 585.0 | |||||||
| Add: Fixed Charges (from below) |
90.9 | 163.1 | 101.2 | 37.6 | 7.0 | 4.5 | ||||||||||||||||||
| Add: Amortization of Capitalized Interest |
0.4 | 0.8 | 0.7 | 0.3 | 0.1 | 0.1 | ||||||||||||||||||
| Subtract: Capitalized Interest |
4.6 | 19.9 | 18.1 | 5.1 | 0.4 | 0.8 | ||||||||||||||||||
| Subtract: non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
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| Sub Total |
(77.7 | ) | 62.5 | (1,300.3 | ) | 20.3 | (93.5 | ) | 588.8 | |||||||||||||||
| Fixed Charges: |
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| Interest expense incurred, including amortization of debt issuance costs |
82.1 | 135.3 | 77.2 | 29.0 | 4.0 | 1.8 | ||||||||||||||||||
| Add: Capitalized Interest |
4.6 | 19.9 | 18.1 | 5.1 | 0.4 | 0.8 | ||||||||||||||||||
| Add: Portion of rent expense representative of interest factor (1/3 of operating lease payments, below) |
4.2 | 7.9 | 5.9 | 3.5 | 2.6 | 1.9 | ||||||||||||||||||
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| Sub Total |
90.9 | 163.1 | 101.2 | 37.6 | 7.0 | 4.5 | ||||||||||||||||||
| Ratio of Earnings to Fixed Charges: |
See Note | See Note | See Note | See Note | See Note | 130.8 | ||||||||||||||||||
| (1 | ) | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||||||||||
| (1) Earnings insufficient to cover fixed charges. See Deficiency below. |
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| Calculations: |
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| Rent Expense |
$ | 12.7 | $ | 23.6 | $ | 17.6 | $ | 10.5 | $ | 7.9 | $ | 5.7 | ||||||||||||
| Interest rate assumption |
0.333 | 0.333 | 0.333 | 0.333 | 0.333 | 0.333 | ||||||||||||||||||
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| Estimate of interest within rental expense |
4.2 | 7.9 | 5.9 | 3.5 | 2.6 | 1.9 | ||||||||||||||||||
| Amortization of Capitalized Interest (2) |
0.4 | 0.8 | 0.7 | 0.3 | 0.1 | 0.1 | ||||||||||||||||||
| (2) Assumes 25 year life on equipment, 2011 going forward (previously used 20 year life for 2008-through-2010). Amount for six month interim period is annualized. |
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| Deficiency: |
$ | 168.6 | $ | 100.6 | $ | 1,401.5 | $ | 17.3 | $ | 100.5 | NONE | |||||||||||||