EX-12.1 6 dex121.htm STATMENT RE COMPUTATION OF RATIOS Statment re Computation of Ratios

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

 

     Predecessor Company (1)     Successor Company
    

Year ended
December 31,

2001

     Period from
January 1, 2002
to
October 31, 2002		    Period from
November 1, 2002
to December 31,
2002		    

Year ended
December 31,

2003

   

Year ended
December 31,

2004

    Three Months
ended
March 31, 2005		   

Period from
January 1, 2005

to
November 30, 2005

     Period from
December 1, 2005
to
December 31, 2005		     Three Months ended
March 31, 2006

COMPUTATION OF EARNINGS

                         

Income (loss) before taxes

    $ (461.3 )   $ 35.3    $ (2.3 )   $ 12.7    $ 167.8    $ 28.0    $ 70.2        $ (3.2 )   $ 3.6

Net interest expense

      49.6       15.8      1.3       5.7      8.4      3.2      12.0       4.1       12.0

Interest portion of operating lease expense

      7.6       5.5      0.9       4.8      5.4      1.4      5.2       0.5       1.4
                                                                  

Earnings

    $ (404.1 )   $ 56.6    $ (0.1 )   $ 23.2    $ 181.6    $ 32.6    $ 87.4     $ 1.4     $ 17.0
                                                                  

COMPUTATION OF FIXED CHARGES

                         

Net interest expense

    $ 49.6     $ 15.8    $ 1.3     $ 5.7    $ 8.4    $ 3.2    $ 12.0     $ 4.1     $ 12.0

Capitalized interest

      —         —        —         —        —        —        —         —         —  

Interest portion of operating lease expense

      7.6       5.5      0.9       4.8      5.4      1.4      5.2       0.5       1.4
                                                                  

Fixed Charges

    $ 57.2     $ 21.3    $ 2.2     $ 10.5    $ 13.8    $ 4.6    $ 17.2     $ 4.6     $ 13.4
                                                                  

RATIO OF EARNINGS TO FIXED CHARGES

      —         2.7      —         2.2      13.3      7.1      5.1       0.3       1.3
                                                                  

DEFICIENCY OF EARNINGS TO FIXED CHARGES

    $ 461.3     $ —    $ 2.3     $ —    $ —    $ —    $ —     $ —.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