Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - PACKAGING CORP OF AMERICA | pkg12312015-ex991.htm |
| EX-32 - EXHIBIT 32 - PACKAGING CORP OF AMERICA | pkg12312015-exx32.htm |
| EX-31.2 - EXHIBIT 31.2 - PACKAGING CORP OF AMERICA | pkg12312015-exx312.htm |
| EX-23.1 - EXHIBIT 23.1 - PACKAGING CORP OF AMERICA | pkg12312015-exx231kpmgcons.htm |
| EX-31.1 - EXHIBIT 31.1 - PACKAGING CORP OF AMERICA | pkg12312015-exx311.htm |
| EX-21.1 - EXHIBIT 21.1 - PACKAGING CORP OF AMERICA | pkg12312015-exx211subsidia.htm |
| EX-23.2 - EXHIBIT 23.2 - PACKAGING CORP OF AMERICA | pkg12312015-exx232kpmgcons.htm |
| EX-23.3 - EXHIBIT 23.3 - PACKAGING CORP OF AMERICA | pkg12312015-exx233eyconsen.htm |
| 10-K - FORM 10-K - PACKAGING CORP OF AMERICA | pkg1231201510k.htm |
| EX-24.1 - EXHIBIT 24.1 - PACKAGING CORP OF AMERICA | pkg12312015-exx241specialp.htm |
Exhibit 12.1
Ratio of Earnings to Fixed Charges
Year Ended December 31 | |||||||||||||||
Amounts in millions, except ratios | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||
Ratio of Earnings to Fixed Charges | 7.3 | x | 6.1 | x | 6.4 | x | 4.0 | x | 4.0 | x | |||||
Details of the specific calculations are set forth below:
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Income before taxes | $ | 664.5 | $ | 614.3 | $ | 423.6 | $ | 244.8 | $ | 160.6 | ||||||||||
Add: Fixed charges | 105.6 | 119.7 | 78.7 | 80.2 | 51.7 | |||||||||||||||
Subtotal | 770.1 | 734.0 | 502.3 | 325.0 | 212.3 | |||||||||||||||
Less: Capitalized interest | (2.0 | ) | (2.8 | ) | (1.7 | ) | (0.8 | ) | (7.1 | ) | ||||||||||
Total | $ | 768.1 | $ | 731.2 | $ | 500.6 | $ | 324.2 | $ | 205.2 | ||||||||||
Fixed Charges | ||||||||||||||||||||
Interest expense | $ | 85.5 | $ | 88.4 | $ | 58.3 | $ | 62.9 | $ | 29.2 | ||||||||||
Capitalized interest | 2.0 | 2.8 | 1.7 | 0.8 | 7.1 | |||||||||||||||
Interest portion of rent expense (1) | 18.1 | 28.5 | 18.7 | 16.5 | 15.4 | |||||||||||||||
Total | $ | 105.6 | $ | 119.7 | $ | 78.7 | $ | 80.2 | $ | 51.7 | ||||||||||
Ratio of Earnings to Fixed Charges | 7.3 | x | 6.1 | x | 6.4 | x | 4.0 | x | 4.0 | x | ||||||||||
____________
(1) | The interest portion of rent expense represents the estimated interest component of such rental payments. |
Earnings available for fixed charges represent earnings before income taxes and fixed charges excluding capitalized interest. Fixed charges represent interest expense; amortization of treasury lock settlements; debt discount and expenses; capitalized interest and that portion of rental expense deemed to be the equivalent of interest.