Attached files
Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the periods indicated (in millions):
| Successor | Predecessor | ||||||||||||||||||||||
| Twelve Months Ended Dec. 31, |
Two Months Ended Dec. 31, |
Ten Months Ended Oct. 31, |
Twelve Months Ended Dec. 31, |
||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2006 | 2005 | ||||||||||||||||||
| Earnings: |
|||||||||||||||||||||||
| Earnings (loss) from continuing operations before taxes |
$ | 81 | $ | 118 | $ | 22 | $ | (105 | ) | $ | 9,021 | $ | (4,513 | ) | |||||||||
| Fixed charges (see below) |
146 | 163 | 177 | 39 | 277 | 775 | |||||||||||||||||
| Amortization of capitalized interest |
3 | 2 | 1 | — | 5 | 7 | |||||||||||||||||
| Capitalized interest |
(10 | ) | (9 | ) | (11 | ) | (2 | ) | — | — | |||||||||||||
| Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges |
— | — | — | — | — | — | |||||||||||||||||
| Earnings, as adjusted |
$ | 220 | $ | 274 | $ | 189 | $ | (68 | ) | $ | 9,303 | $ | (3,731 | ) | |||||||||
| Fixed charges: |
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| Portion of rents representative of interest expense (33%) |
$ | 24 | $ | 31 | $ | 32 | $ | 5 | $ | 22 | $ | 27 | |||||||||||
| Interest on indebtedness, including amortization of deferred loan costs |
112 | 123 | 134 | 32 | 255 | 748 | |||||||||||||||||
| Capitalized interest |
10 | 9 | 11 | 2 | — | — | |||||||||||||||||
| Total fixed charges |
$ | 146 | $ | 163 | $ | 177 | $ | 39 | $ | 277 | $ | 775 | |||||||||||
| Ratio of earnings to fixed charges |
1.5 | 1.7 | 1.1 | N/A | 33.6 | N/A | |||||||||||||||||
Due to the losses incurred for adjustments due to bankruptcy proceedings, we would have had to generate additional earnings of $107 million in the two months ended December 31, 2006 and $4.506 billion in the twelve months ended December 31, 2005 in order to achieve a coverage ratio of 1:1.