Attached files
| file | filename |
|---|---|
| 10-K - Verso Paper Holdings LLC | v176998_10k.htm |
| EX-23 - Verso Paper Holdings LLC | v176998_ex23.htm |
| EX-31.2 - Verso Paper Holdings LLC | v176998_ex31-2.htm |
| EX-32.1 - Verso Paper Holdings LLC | v176998_ex32-1.htm |
| EX-31.1 - Verso Paper Holdings LLC | v176998_ex31-1.htm |
| EX-32.2 - Verso Paper Holdings LLC | v176998_ex32-2.htm |
Exhibit
12
VERSO
PAPER HOLDINGS
RATIO
OF EARNINGS TO FIXED CHARGES
(Unaudited)
|
Predecessor Combined
|
Successor Consolidated
|
|||||||||||||||||||||||
|
Seven Months
|
Five Months
|
|||||||||||||||||||||||
|
Year Ended
|
Ended
|
Ended
|
||||||||||||||||||||||
|
December 31,
|
July 31,
|
December 31,
|
Year Ended December 31,
|
|||||||||||||||||||||
|
(In thousands, except ratio)
|
2005
|
2006
|
2006
|
2007
|
2008
|
2009
|
||||||||||||||||||
|
Earnings:
|
||||||||||||||||||||||||
|
Income
(loss) from continuing operations
|
$ | 45,463 | $ | 17,751 | $ | (1,832 | ) | $ | (81,269 | ) | $ | (39,151 | ) | $ | 80,702 | |||||||||
|
Amortization
of capitalized interest
|
8,681 | 5,005 | - | 18 | 103 | 152 | ||||||||||||||||||
|
Capitalized
interest
|
(225 | ) | (338 | ) | (206 | ) | (1,247 | ) | (1,408 | ) | (396 | ) | ||||||||||||
|
Fixed
charges
|
20,049 | 9,420 | 49,424 | 117,038 | 106,629 | 118,768 | ||||||||||||||||||
|
Earnings
adjusted for fixed charges
|
$ | 73,968 | $ | 31,838 | $ | 47,386 | $ | 34,540 | $ | 66,173 | $ | 199,226 | ||||||||||||
|
|
||||||||||||||||||||||||
|
Fixed
charges:
|
||||||||||||||||||||||||
|
Interest
expense
|
$ | 14,823 | $ | 8,414 | $ | 48,741 | $ | 113,881 | $ | 103,200 | $ | 116,130 | ||||||||||||
|
Capitalized
interest
|
225 | 338 | 206 | 1,247 | 1,408 | 396 | ||||||||||||||||||
|
Portion
of rent expense representative of interest
(1)
|
5,001 | 668 | 477 | 1,910 | 2,021 | 2,242 | ||||||||||||||||||
|
Total
fixed charges
|
$ | 20,049 | $ | 9,420 | $ | 49,424 | $ | 117,038 | $ | 106,629 | $ | 118,768 | ||||||||||||
|
|
||||||||||||||||||||||||
|
Ratio
of earnings to fixed charges
|
3.69 | 3.38 | 0.96 | 0.30 | 0.62 | 1.68 | ||||||||||||||||||
|
|
||||||||||||||||||||||||
|
Estimate
of interest within rental expense
|
||||||||||||||||||||||||
|
Total
rent expense (2)
|
$ | 15,154 | $ | 2,023 | $ | 1,445 | $ | 5,789 | $ | 6,123 | $ | 6,794 | ||||||||||||
|
Estimated
percentage
|
33 | % | 33 | % | 33 | % | 33 | % | 33 | % | 33 | % | ||||||||||||
|
Estimated
interest within rental expense
|
$ | 5,001 | $ | 668 | $ | 477 | $ | 1,910 | $ | 2,021 | $ | 2,242 | ||||||||||||
|
|
||||||||||||||||||||||||
|
Deficiency
|
(2,038 | ) | (82,498 | ) | (40,456 | ) | ||||||||||||||||||
(1) One
third of rent expense is deemed to be representative of
interest.
(2) Gross
rent expense