Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - AMERICAN CAPITAL, LTD | acas10k123114.htm |
| EX-32 - EXHIBIT 32 - AMERICAN CAPITAL, LTD | acas10k123114ex32.htm |
| EX-24 - EXHIBIT 24 - AMERICAN CAPITAL, LTD | acas10k123114ex24.htm |
| EX-23.3 - EXHIBIT 23.3 - AMERICAN CAPITAL, LTD | acas10k123114ex233.htm |
| EX-23.2 - EXHIBIT 23.2 - AMERICAN CAPITAL, LTD | acas10k123114ex232.htm |
| EX-99.2 - EXHIBIT 99.2 - AMERICAN CAPITAL, LTD | acas10k123114ex992.htm |
| EX-99.1 - EXHIBIT 99.1 - AMERICAN CAPITAL, LTD | acas10k123114ex991.htm |
| EX-23.1 - EXHIBIT 23.1 - AMERICAN CAPITAL, LTD | acas10k123114ex231.htm |
| EX-31.2 - EXHIBIT 31.2 - AMERICAN CAPITAL, LTD | acas10k123114ex312.htm |
| EX-31.1 - EXHIBIT 31.1 - AMERICAN CAPITAL, LTD | acas10k123114ex311.htm |
| EX-10.12 - EXHIBIT 10.12 - AMERICAN CAPITAL, LTD | acas10k123114ex1012.htm |
| EX-10.14 - EXHIBIT 10.14 - AMERICAN CAPITAL, LTD | acas10k123114ex1014.htm |
| EX-10.13 - EXHIBIT 10.13 - AMERICAN CAPITAL, LTD | acas10k123114ex1013.htm |
| EX-10.11 - EXHIBIT 10.11 - AMERICAN CAPITAL, LTD | acas10k123114ex1011.htm |
Exhibit 12.1
AMERICAN CAPITAL, LTD. Computation of Ratio of Earnings to Fixed Charges ($ in millions) (unaudited) | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Net earnings before taxes | |||||||||||||||||||
Net earnings | $ | 434 | $ | 184 | $ | 1,136 | $ | 974 | $ | 998 | |||||||||
Tax provision (benefit) | 64 | 53 | (21 | ) | (428 | ) | — | ||||||||||||
Net earnings before taxes | $ | 498 | $ | 237 | $ | 1,115 | $ | 546 | $ | 998 | |||||||||
Fixed charges | |||||||||||||||||||
Interest expense | $ | 54 | $ | 44 | $ | 59 | $ | 90 | $ | 177 | |||||||||
Rent expense interest factor(A) | 3 | 3 | 3 | 3 | 4 | ||||||||||||||
Total fixed charges | $ | 57 | $ | 47 | $ | 62 | $ | 93 | $ | 181 | |||||||||
Net earnings available to cover fixed charges | $ | 555 | $ | 284 | $ | 1,177 | $ | 639 | $ | 1,179 | |||||||||
Ratio of earnings to fixed charges(B) | 9.7 | 6.0 | 19.0 | 6.9 | 6.5 | ||||||||||||||
A. | Represents a reasonable approximation of the interest factor included in rent expense. |
B. | Earnings include the net change in unrealized appreciation or depreciation. Net change in unrealized appreciation or depreciation can vary substantially from year to year. Excluding the net change in unrealized appreciation or depreciation, the earnings to fixed charges ratio would be 6.8, 4.3, 2.7, (2.1) and (1.1) for the five years ended December 31, 2014, respectively. |