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Exhibit 12
Ratio of Earnings To Combined Fixed Charges
And Preferred Stock Dividend Requirements
(In Millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
Consolidated pretax income (loss) from continuing operations
$
129.4

 
$
207.0

 
$
313.1

 
$
(19.7
)
 
$
1,190.9

Undistributed earnings of non-consolidated affiliates

 

 
(0.1
)
 
(9.9
)
 
(74.4
)
Amortization of capitalized interest

 
0.1

 
0.3

 
0.3

 
2.3

Interest expense
135.2

 
201.1

 
230.0

 
178.3

 
189.9

Acceleration of debt issuance costs
116.3

 
35.6

 
11.3

 
3.6

 

Interest portion of rental expense
0.2

 
0.3

 
0.9

 
2.3

 
2.1

  Total Earnings
$
381.1


$
444.1

 
$
555.5

 
$
154.9

 
$
1,310.8

Interest expense
$
135.2


$
201.1


$
230.0

 
$
178.3

 
$
189.9

Acceleration of debt issuance costs
116.3

 
35.6

 
11.3

 
3.6

 

Interest portion of rental expense
0.2

 
0.3

 
0.9

 
2.3

 
2.1

Preferred Stock dividend requirements

 

 
38.4

 
51.2

 
48.7

 
 
 
 
 
 
 
 
 
 
  Fixed Charges Requirements
$
251.7


$
237.0

 
$
280.6

 
$
235.4

 
$
240.7

 
 
 
 
 
 
 
 
 
 
Fixed Charges and Preferred Stock Dividend
Requirements
$
251.7


$
237.0

 
$
280.6

 
$
235.4

 
$
240.7

 
 
 
 
 
 
 
 
 
 
RATIO OF EARNINGS TO FIXED CHARGES
1.5

1.9
 
2.0
 
(A)

5.4
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS
1.5

1.9
 
2.0
 
(A)

5.4
(A) For the year ended December 31, 2014, there was a deficiency of earnings to cover the fixed charges of $235.4 million.