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Exhibit 12
Ratio of Earnings To Combined Fixed Charges
And Preferred Stock Dividend Requirements
(In Millions)
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Consolidated pretax income (loss) from continuing operations
$
313.1

 
$
(19.7
)
 
$
1,190.9

 
$
1,105.4

 
$
2,370.3

Undistributed earnings of non-consolidated affiliates
(0.1
)
 
(9.9
)
 
(74.4
)
 
(404.8
)
 
9.7

Amortization of capitalized interest
0.3

 
0.3

 
2.3

 
3.7

 
3.6

Interest expense
230.0

 
178.3

 
189.9

 
208.8

 
210.1

Acceleration of debt issuance costs
11.3

 
3.6

 

 
0.2

 

Interest portion of rental expense
0.9

 
2.3

 
2.1

 
2.8

 
3.6

  Total Earnings
$
555.5

 
$
154.9

 
$
1,310.8

 
$
916.1

 
$
2,597.3

Interest expense
$
230.0

 
$
178.3

 
$
189.9

 
$
208.8

 
$
210.1

Acceleration of debt issuance costs
11.3

 
3.6

 

 
0.2

 

Interest portion of rental expense
0.9

 
2.3

 
2.1

 
2.8

 
3.6

Preferred Stock dividend requirements
38.4

 
51.2

 
48.7

 

 

 
 
 
 
 
 
 
 
 
 
  Fixed Charges Requirements
$
280.6

 
$
235.4

 
$
240.7

 
$
211.8

 
$
213.7

 
 
 
 
 
 
 
 
 
 
Fixed Charges and Preferred Stock Dividend
Requirements
$
280.6

 
$
235.4

 
$
240.7

 
$
211.8

 
$
213.7

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
2.0
 
(A)
 
5.4

4.3
 
12.2

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS
2.0
 
(A)
 
5.4

4.3
 
12.2

(A) For the year ended December 31, 2014, there was a deficiency of earnings to cover the fixed charges of $235.4 million.