EX-12.1 23 h34178exv12w1.htm STATEMENT RE COMPUTATION OF RATIOS exv12w1
 

Exhibit 12.1
Computation of Ratio of Earnings to
Fixed Charges
                                                           
    Predecessor Company (1)       Successor Company  
                                                   
            Period from     Period from                     Period from       Period from  
    Year ended     January 1, 2002     November 1, 2002     Year ended     Year ended     January 1, 2005       December 1, 2005  
    December 31,     to     to     December 31,     December 31,     to       to  
    2001     October 31, 2002     December 31, 2002     2003     2004     November 30, 2005       December 31, 2005  
                                                           
COMPUTATION OF EARNINGS
                                                          
Income (loss) before taxes
   $ (461.3 )   $ 35.3     $ (2.3 )   $ 12.7     $ 167.8     $ 70.2       $ (3.2 )
Net interest expense
     49.6       15.8       1.3       5.7       8.4       12.0         4.1  
Interest portion of operating lease expense
     7.6       5.5       0.9       4.8       5.4       5.2         0.5  
 
                                            
 
                                                          
Earnings
   $ (404.1 )   $ 56.6     $ (0.1 )   $ 23.2     $ 181.6     $ 87.4       $ 1.4  
 
                                            
 
                                                          
COMPUTATION OF FIXED CHARGES
                                                          
Net interest expense
   $ 49.6     $ 15.8     $ 1.3     $ 5.7     $ 8.4     $ 12.0       $ 4.1  
Capitalized interest
     —       —       —       —       —       —         —  
Interest portion of operating lease expense
     7.6       5.5       0.9       4.8       5.4       5.2         0.5  
 
                                            
 
                                                          
Fixed Charges
   $ 57.2     $ 21.3     $ 2.2     $ 10.5     $ 13.8     $ 17.2       $ 4.6  
 
                                            
 
                                                          
RATIO OF EARNINGS TO FIXED CHARGES
     (7.1 ) x     2.7 x     (0.0 ) x     2.2 x     13.3 x     5.1 x       0.3 x
 
                                            
 
                                                          
DEFICIENCY OF EARNINGS TO FIXED CHARGES
   $ 461.3     $ —     $ 2.3     $ —     $ —     $ —       $ 3.2  
 
                                            
 
(1)   We applied “Fresh-Start Reporting” to our consolidated balance sheet as of October 31, 2002 in accordance with SOP 90-7. Under “Fresh-Start Reporting,” a new reporting entity is considered to be created and the recorded amounts of assets and liabilities are adjusted to reflect their estimated fair values at the date “Fresh-Start Reporting” is applied. Company. On October 31, 2002, we emerged from bankruptcy. As a result of the application of “Fresh-Start Reporting,” our financial information of any date or for periods after November 1, 2002 is not comparable to our historical financial information before November 1, 2002. As a result of the emergence from bankruptcy and for the purpose of presentation, activities subsequent to October 31, 2002 relate to our Successor Company and activities prior to November 1, 2002 relate to our Predecessor