TIMKENSTEEL CORP
20160804
3.97 MB
42
<span id="d234041dex121.htm"></span><html lang="en-US"><HEAD> <title>Form 10-Q filed by TIMKENSTEEL CORP on 2016-08-04</title> </HEAD> <BODY BGCOLOR="WHITE"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 12.1 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Dollars in millions, except ratio amounts) </P> <P STYLE="font-size:22pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="80%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD></TD> <TD></TD> <TD></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD></TD> <TD></TD> <TD></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD></TD> <TD></TD> <TD></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD></TD> <TD></TD> <TD></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD></TD> <TD></TD> <TD></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD></TD> <TD></TD> <TD></TD></TR> <TR STYLE="font-family:Times New Roman; font-size:9pt"> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Six Months</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Ended<BR>June 30,</B></P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="18" ALIGN="center"><B>Year Ended December 31,</B></TD> <TD VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD COLSPAN="24" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR STYLE="font-family:Times New Roman; font-size:9pt"> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2016</B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2015</B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2014</B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2013</B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2012</B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2011</B></TD> <TD VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD COLSPAN="24" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.50pt solid #000000"> </P></TD> <TD> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt"> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Income (loss) before income taxes</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"><B>$</B></TD> <TD VALIGN="bottom" ALIGN="right"><B>(38.9</B></TD> <TD NOWRAP VALIGN="bottom"><B>) </B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom">$</TD> <TD VALIGN="bottom" ALIGN="right">(115.0</TD> <TD NOWRAP VALIGN="bottom">) </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom">$</TD> <TD VALIGN="bottom" ALIGN="right">158.2</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom">$</TD> <TD VALIGN="bottom" ALIGN="right">127.6</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom">$</TD> <TD VALIGN="bottom" ALIGN="right">234.3</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom">$</TD> <TD VALIGN="bottom" ALIGN="right">252.3 </TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD></TR> <TR STYLE="font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Plus:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD></TR> <TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fixed charges</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom" ALIGN="right"><B>6.6</B></TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">5.5</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">8.9</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">12.0</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">5.8</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">3.0 </TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD></TR> <TR STYLE="font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Amortization of capitalized interest</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom" ALIGN="right"><B>1.0</B></TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">1.7</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">0.7</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">0.6</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">0.6</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">0.6 </TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD></TR> <TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Less:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD></TR> <TR STYLE="font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest capitalized</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom" ALIGN="right"><B>0.3</B></TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">1.0</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">6.9</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">10.8</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">4.5</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">1.2 </TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD COLSPAN="24" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B> Earnings (loss)</B></P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom" ALIGN="right"><B>(31.6</B></TD> <TD NOWRAP VALIGN="bottom"><B>) </B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">(108.8</TD> <TD NOWRAP VALIGN="bottom">) </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">160.9</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">129.4</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">236.2</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">254.7 </TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD COLSPAN="24" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD> </TD></TR> <TR STYLE="font-family:Times New Roman; font-size:10pt"> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Interest (A)</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom" ALIGN="right"><B>5.2</B></TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">3.9</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">7.1</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">11.0</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">4.8</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">1.8 </TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD></TR> <TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt"> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Amortization of deferred financing costs</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom" ALIGN="right"><B>0.8</B></TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">0.5</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">0.9</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">0.1</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">0.2</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">0.4 </TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD> <TD HEIGHT="8" COLSPAN="4"></TD></TR> <TR STYLE="font-family:Times New Roman; font-size:10pt"> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"> Interest portion of rental expense</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom" ALIGN="right"><B>0.6</B></TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">1.1</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">0.9</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">0.9</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">0.8</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="right">0.8 </TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD COLSPAN="24" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B> Fixed Charges</B></P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"><B>$</B></TD> <TD VALIGN="bottom" ALIGN="right"><B>6.6</B></TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom">$</TD> <TD VALIGN="bottom" ALIGN="right"> 5.5</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom">$</TD> <TD VALIGN="bottom" ALIGN="right">8.9</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom">$</TD> <TD VALIGN="bottom" ALIGN="right">12.0</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom">$</TD> <TD VALIGN="bottom" ALIGN="right">5.8</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom">$</TD> <TD VALIGN="bottom" ALIGN="right">3.0 </TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD COLSPAN="24" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD> </TD></TR> <TR STYLE="font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B> Ratio of Earnings to Fixed Charges</B></P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom" ALIGN="right"><B>(B</B></TD> <TD NOWRAP VALIGN="bottom"><B>) </B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom" ALIGN="right"><B>(B</B></TD> <TD NOWRAP VALIGN="bottom"><B>) </B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom" ALIGN="right"><B> 18.08</B></TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom" ALIGN="right"><B> 10.78</B></TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom" ALIGN="right"><B> 40.72</B></TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"><B> </B></TD> <TD VALIGN="bottom" ALIGN="right"><B> 84.90 </B></TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD></TR> <TR STYLE="font-size:1px; "> <TD COLSPAN="24" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:2.00pt solid #000000"> </P></TD> <TD> </TD></TR> </TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(A) Amount includes interest expense on debt and capitalized interest during the period. </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(B) For the six months ended June 30, 2016, there was a deficiency of earnings to cover the fixed charges of $38.2 million. For the year ended December 31, 2015, there was a deficiency of earnings to cover the fixed charges of $114.3 million. Accordingly, the ratios for these periods have not been presented. </P> </BODY></HTML>