CME GROUP INC. - FORM 10-K - EX-12.1 - RATIO OF FIXED CHARGES - February 26, 2015

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EX-4.3 - COMMERCIAL PAPER DEALER AGREEMENT - CME GROUP INC.cme-2014123110kex43.htm
EX-4.4 - COMMERCIAL PAPER DEALER AGREEMENT - CME GROUP INC.cme-2014123110kex44.htm
EX-4.2 - COMMERCIAL PAPER ISSUING AND PAYING AGENT AGREEMENT - CME GROUP INC.cme-2014123110kex42.htm
EX-4.1 - COMMERCIAL PAPER DEALER AGREEMENT - CME GROUP INC.cme-2014123110kex41.htm
EX-21.1 - LIST OF SUBSIDIARIES OF CME GROUP INC - CME GROUP INC.cme-2014123110kex211.htm
EX-32.1 - CERTIFICATION PURSUANT TO U.S.C. SECTION 1350 - CME GROUP INC.cme-2014123110kex321.htm
EX-23.1 - CONSENT OF ERNST & YOUNG LLP - CME GROUP INC.cme-2014121310kex231.htm
EX-31.2 - SECTION 302 CERTIFICATION - CME GROUP INC.cme-2014123110kex312.htm
EX-31.1 - SECTION 302 CERTIFICATION - CME GROUP INC.cme-2014123110kex311.htm
EX-10.17 - CME GROUP INC. SEVERANCE PLAN - CME GROUP INC.cme-2014123110kex1017.htm
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10-K - FORM 10-K - CME GROUP INC.cme-2014123110k.htm
EX-10.16 - CME GROUP INC. SEVERANCE PLAN FOR ELIGIBLE EXECUTIVES - CME GROUP INC.cme-2014123110kex1016.htm
Exhibit 12.1


Ratio of Earnings to Fixed Charges (1)                                   
The following table sets forth our ratio of earnings to fixed charges (1) for the periods indicated. All amounts are in millions, except for the ratio of earnings to fixed charges.
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
2011
 
2010
Income before income taxes
$
1,771.4

 
$
1,601.0

 
$
1,693.4

 
$
1,936.5

 
$
1,721.9

Add back:
 
 
 
 
 
 
 
 
 
Share of losses on equity investees (2)
6.5

 
6.4

 
5.5

 
5.9

 
7.2

Amortization of capitalized interest
0.3

 
0.2

 
0.2

 
0.2

 
0.1

Distributed income from equity investees
76.2

 
68.5

 
14.9

 
—

 
—

Subtract:
 
 
 
 
 
 
 
 
 
Share of earnings of equity investees (2)
(91.3
)
 
(76.9
)
 
(36.2
)
 
(1.6
)
 
(0.8
)
Capitalized interest
—

 
—

 
(0.6
)
 
(1.0
)
 
(0.3
)
Earnings Before Income Taxes
1,763.1

 
1,599.2

 
1,677.2

 
1,940.0

 
1,728.1

 
 
 
 
 
 
 
 
 
 
Plus:
 
 
 
 
 
 
 
 
 
Interest expense
119.4

 
151.4

 
132.7

 
117.9

 
140.6

Interest expense within rent
15.5

 
13.9

 
11.7

 
11.2

 
10.5

Adjusted Earnings
$
1,898.0

 
$
1,764.5

 
$
1,821.6

 
$
2,069.1

 
$
1,879.2

 
 
 
 
 
 
 
 
 
 
Fixed Charges
$
134.9

 
$
165.3

 
$
144.4

 
$
129.1

 
$
151.1

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
14.07

 
10.67

 
12.62

 
16.02

 
12.44

(1)     The ratio of earnings to fixed charges is calculated by dividing adjusted earnings by fixed charges. “Fixed charges” consist of interest incurred and an estimate of interest within rental expense.
(2)    Represents CME Group's interest in various entities, which is recognized using the equity method of accounting.





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