Attached files
EXHIBIT 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(In millions, except ratio of earnings to fixed charges)
| Historical | Pro Forma | |||||||||||||||||||||||||||||||||||||||||
| Predecessor | Successor | |||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | Six Months Ended June 30, |
Five Months Ended May 31, |
One Month Ended June 30, |
Year Ended December 31, |
Six Months Ended June 30, |
|||||||||||||||||||||||||||||||||||||
| 2005 | 2006 | 2007 | 2008 | 2009 | 2009 | 2010 | 2010 | 2009 | 2010 | |||||||||||||||||||||||||||||||||
| Income before income taxes |
$ | 12.4 | $ | (14.8 | ) | $ | (117.5 | ) | $ | (93.3 | ) | $ | (411.9 | ) | |
$(439.7) |
|
$ | 676.5 | $ | 5.8 | $ | (387.2 | ) | $ | 43.0 | ) | |||||||||||||||
| Less: |
||||||||||||||||||||||||||||||||||||||||||
| Income from equity method investment |
(2.8 | ) | (0.2 | ) | (2.2 | ) | (0.9 | ) | (4.0 | ) | (0.5 | ) | (3.6 | ) |
|
(0.7 |
) |
|
(3.2 |
) |
|
(4.0 |
) | |||||||||||||||||||
| Earnings (loss) from continuing operations before income taxes and income or loss from equity investments |
9.6 | (15.0 | ) | (119.7 | ) | (94.2 | ) | (415.9 | ) | (440.2 | ) | 672.9 |
|
5.1 |
|
|
(390.4 |
) |
|
39.0 |
| |||||||||||||||||||||
| Plus: |
||||||||||||||||||||||||||||||||||||||||||
| Fixed charges, excluding preferred stock dividend requirement |
71.6 | 92.9 | 104.8 | 108.2 | 73.6 | 46.9 | 48.3 |
|
4.2 |
|
|
54.7 |
|
|
26.5 |
| ||||||||||||||||||||||||||
| Earnings available for fixed charges |
$ | 81.2 | $ | 77.9 | $ | (14.9 | ) | $ | 14.0 | $ | (342.3 | ) | $ | (393.3 | ) | $ | 721.2 | $ |
9.3 |
|
$ |
(335.7 |
) |
$ |
65.5 |
| ||||||||||||||||
| Fixed charges: |
||||||||||||||||||||||||||||||||||||||||||
| Interest expense |
$ | 66.6 | $ | 87.1 | $ | 97.4 | $ | 100.5 | $ | 66.5 | $ | 43.3 | $ | 45.2 | $ |
3.6 |
|
$ |
47.6 |
|
$ |
22.7 |
| |||||||||||||||||||
| Estimated interest factor for rentals |
5.0 | 5.8 | 7.4 | 7.7 | 7.1 | 3.6 | 3.1 |
|
0.6 |
|
|
7.1 |
|
|
3.8 |
| ||||||||||||||||||||||||||
| Preferred stock dividend requirements |
— | — | — | — | — | — | — |
|
0.9 |
|
|
7.0 |
|
|
3.5 |
| ||||||||||||||||||||||||||
| Fixed charges |
$ | 71.6 | $ | 92.9 | $ | 104.8 | $ | 108.2 | $ | 73.6 | $ | 46.9 | $ | 48.3 | $ |
5.1 |
|
$ |
61.7 |
|
$ |
30.0 |
| |||||||||||||||||||
| Ratio of earnings to combined fixed charges and preferred stock dividends |
1.1 | — | — | — | — | — | 14.9 |
|
1.8 |
|
|
— |
|
|
2.2 |
| ||||||||||||||||||||||||||
| Fixed charges in excess of earnings(1) |
$ | — | $ | 15.0 | $ | 119.7 | $ | 94.2 | $ | 415.9 | $ | 440.2 | $ | — | $ |
— |
|
$ |
397.4 |
|
$ |
— |
| |||||||||||||||||||
| (1) | Earnings were insufficient to cover fixed charges by $15.0 million, $119.7 million, $94.2 million and $415.9 million for the years ended December 31, 2006, 2007, 2008 and 2009, respectively, and $440.2 million for the six months ended June 30, 2009. On a pro forma basis, earnings were insufficient to cover fixed charges by $397.4 million for the year ended December 31, 2009. |