EX-12.1 3 d297453dex121.htm STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement Regarding Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

STATEMENT REGARDING

COMPUTATION OF RATIO OF

EARNINGS TO FIXED CHARGES

 

     Successor           Predecessor  
     Years Ended
December 31,
    Two-Month
Period Ended
December 31,
2009
          Ten-Month
Period Ended
October 25,
2009
    Years Ended
December 31,
 
     2011     2010            2008     2007  
     (in millions except ratios)  

Fixed charges:

                 

Interest expensed and capitalized, amortization of debt issuance costs and discount on all indebtedness

   $ 25.8      $ 23.3      $ 1.3           $ 31.2      $ 76.5      $ 61.4   

Rent expense

     2.8        4.1        0.8             3.9        4.5        3.9   

Preferred stock dividend requirements of consolidated subsidiaries

     —          —          —               6.3        13.3        12.0   
  

 

 

   

 

 

   

 

 

        

 

 

   

 

 

   

 

 

 

Total fixed charges

     28.6        27.4        2.1             41.4        94.2        77.3   

Earnings:

                 

Income (loss) from continuing operations before income taxes operations before income taxes

     29.8        82.5        (0.5          841.8        (314.3     (120.0

Add:

                 

Fixed charges

     28.6        27.4        2.1             41.4        94.2        77.3   

Amortization of capitalized interest

     —          —          —               0.0        0.1        0.1   

Less:

                 

Interest capitalized

     —          —          —               —          —          —     

Preferred unit dividend requirements of consolidated subsidiaries

     —          —          —               (6.3     (13.3     (12.0
  

 

 

   

 

 

   

 

 

        

 

 

   

 

 

   

 

 

 

Total earnings plus fixed charges

     58.5        109.9        1.6             877.0        (233.2     (54.6
  

 

 

   

 

 

   

 

 

        

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     2.0     4.0     —               21.2     —          —     
  

 

 

   

 

 

   

 

 

        

 

 

   

 

 

   

 

 

 

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  
     (in millions)  

Deficiencies

   $ 0.5           $ 327.5       $ 132.0