Attached files
Exhibit 12.1
STATEMENT REGARDING
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
| Successor | Predecessor | |||||||||||||||||||||||||||
| Year Ended December 31, 2010 |
Two-Month Period Ended December 31, 2009 |
Ten-Month Period Ended October 25, 2009 |
Years Ended December 31, |
|||||||||||||||||||||||||
| 2008 | 2007 | 2006 | ||||||||||||||||||||||||||
| (in millions except ratios) | ||||||||||||||||||||||||||||
| Fixed charges: |
||||||||||||||||||||||||||||
| Interest expensed and capitalized, amortization of debt issuance costs and discount on all indebtedness |
$ | 23.3 | $ | 1.3 | $ | 31.2 | $ | 76.5 | $ | 61.4 | $ | 60.0 | ||||||||||||||||
| Rent expense |
4.1 | 0.8 | 3.9 | 4.5 | 3.9 | 4.0 | ||||||||||||||||||||||
| Preferred stock dividend requirements of consolidated subsidiaries |
— | — | 6.3 | 13.3 | 12.0 | 10.9 | ||||||||||||||||||||||
| Total fixed charges |
27.4 | 2.1 | 41.4 | 94.2 | 77.3 | 74.9 | ||||||||||||||||||||||
| Earnings: |
||||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes operations before income taxes |
82.5 | (0.5 | ) | 841.8 | (314.3 | ) | (120.0 | ) | (67.9 | ) | ||||||||||||||||||
| Add: |
||||||||||||||||||||||||||||
| Fixed charges |
27.4 | 2.1 | 41.4 | 94.2 | 77.3 | 74.9 | ||||||||||||||||||||||
| Amortization of capitalized interest |
— | — | 0.0 | 0.1 | 0.1 | 0.0 | ||||||||||||||||||||||
| Less: |
||||||||||||||||||||||||||||
| Interest capitalized |
— | — | — | — | — | (0.1 | ) | |||||||||||||||||||||
| Preferred unit dividend requirements of consolidated subsidiaries |
— | — | (6.3 | ) | (13.3 | ) | (12.0 | ) | (10.9 | ) | ||||||||||||||||||
| Total earnings plus fixed charges |
109.9 | 1.6 | 877.0 | (233.2 | ) | (54.6 | ) | (3.9 | ) | |||||||||||||||||||
| Ratio of earnings to fixed charges |
4.0x | — | 21.2x | — | — | — | ||||||||||||||||||||||
The term “fixed charge” means the sum of the following: interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebtedness; and an estimate of interest within rental expense (equal to one-third of rental expense). Management believes this is a reasonable approximation of the interest factor.
Where a dash appears, our earnings were negative and were insufficient to cover fixed charges during the period. Our deficiencies to cover fixed charges in each period presented were as follows:
| Successor | Predecessor | |||||||||||||||||||
| Two-
Month Period Ended December 31, 2009 |
Years
Ended December 31, |
|||||||||||||||||||
| 2008 | 2007 | 2006 | ||||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Deficiencies |
$ | 0.5 | $ | 327.5 | $ | 132.0 | $ | 78.8 | ||||||||||||