EX-12.1 2 ex12_1.htm EXHIBIT 12.1
Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth the ratio of earnings to fixed charges on a consolidated basis for each of the periods indicated. For the purposes of completing the ratio of earnings to fixed charges, earning are defined as income (loss) before income taxes plus fixed charges. Fixed charges consist of interest expense (including capitalized interest) and the portion of rental expense that is representative of the interest factor.

   
For the Year Ended December 31,
  
   
2015
    
2014
    
2013
  
Earnings:
                  
Loss before income taxes
  
$
(266
)
  
$
(149
)
  
$
(61
)
Fixed charges
    
182
      
136
      
135
  
Capitalized interest
    
(6
)
    
(3
)
    
(5
)
Total earnings (loss)
  
$
(90
)
  
$
(16
)
  
$
69
  
                         
Fixed Charges:
                        
Interest expense
  
$
160
    
$
124
    
$
122
  
Amortization of deferred debt issuance costs and discount on debt
    
11
      
10
      
9
  
Other
    
11
      
2
      
4
  
Capitalized interest
    
6
      
3
      
5
  
Total fixed charges
  
$
188
    
$
139
    
$
140
  
                         
Inadequate earnings (a)
  
$
278
    
$
155
    
$
71
  

(a) The ratio coverage in 2015, 2014 and 2013 was less than 1:1. We would have needed to generate additional earnings of $278 million, $155 million and $71 million to achieve a coverage of 1:1 in 2015, 2014 and 2013, respectively.