EX-12.1 2 d445757dex121.htm STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement re: Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

STATEMENT RE:

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

(unaudited)

 

     For the     For the     For the     For the     For the  
     Year Ended     Year Ended     Year Ended     Year Ended     Year Ended  
     Dec. 31, 2008     Dec. 31, 2009     Dec. 31, 2010     Dec. 31, 2011     Dec. 31, 2012  

Earnings:

          

Pre-tax income from continuing operations before adjustment for non-controlling interests in consolidated subsidiaries or income or loss from equity investees

   $ (127.9   $ (54.7   $ (177.3   $ (150.8   $ (128.7

Add:

          

Fixed charges

     192.8        170.7        198.1        195.4        197.1   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   $ 64.9      $ 116.0      $ 20.8      $ 44.6      $ 68.4   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed Charges:

          

Interest expensed and capitalized

   $ 188.4      $ 166.2      $ 192.6      $ 188.8      $ 190.4   

Estimate of interest within rental expense (a)

     4.4        4.5        5.5        6.6        6.7   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

   $ 192.8      $ 170.7      $ 198.1      $ 195.4      $ 197.1   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of Earnings to Fixed Charges (b)

     —         —         —         —         —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) One third of net rent expense is deemed to be representative of interest.
(b) Our earnings were insufficient to cover fixed charges by $127.9 million, $54.7 million, $177.3 million, $150.8 million and $128.7 million for the years ended December 31, 2008, 2009, 2010, 2011 and 2012, respectively.