Attached files
| file | filename |
|---|---|
| EX-32 - EXHIBIT 32 - INNOVATE Corp. | dex32.htm |
| EX-31 - EXHIBIT 31 - INNOVATE Corp. | dex31.htm |
| EX-10.1 - EXHIBIT 10.1 - INNOVATE Corp. | dex101.htm |
| EX-23.1 - EXHIBIT 23.1 - INNOVATE Corp. | dex231.htm |
| EX-21.1 - EXHIBIT 21.1 - INNOVATE Corp. | dex211.htm |
| 10-K - FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010 - INNOVATE Corp. | d10k.htm |
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
| Predecessor | Successor | |||||||||||||||||||||||||||
| Year Ended December 31, | Six Months Ended July 1, 2009 |
Six Months Ended December 31, 2009 |
Year Ended December 31, 2010 |
|||||||||||||||||||||||||
| 2006 | 2007 | 2008 | ||||||||||||||||||||||||||
| Earnings: |
||||||||||||||||||||||||||||
| Pre-tax income (loss) from continuing operations before adjustment for income (loss) of equity investees |
$ | (197,354 | ) | $ | 15,933 | $ | (16,721 | ) | $ | 459,864 | $ | 1,045 | $ | (19,432 | ) | |||||||||||||
| Add: Fixed charges |
61,078 | 67,305 | 59,998 | 16,747 | 20,705 | 42,722 | ||||||||||||||||||||||
| Add: Distributed income of equity investees |
— | — | — | — | — | — | ||||||||||||||||||||||
| Less: Equity investment |
— | — | — | — | — | — | ||||||||||||||||||||||
| Total earnings before fixed charges |
$ | (136,276 | ) | $ | 83,238 | $ | 43,277 | $ | 476,611 | $ | 21,750 | $ | 23,290 | |||||||||||||||
| Fixed charges: |
||||||||||||||||||||||||||||
| Interest expense |
$ | 53,920 | $ | 60,709 | $ | 53,971 | $ | 14,093 | $ | 17,278 | $ | 35,490 | ||||||||||||||||
| Accretion (amortization)on debt discount/premium, net |
1,732 | 449 | (583 | ) | (189 | ) | 3 | 183 | ||||||||||||||||||||
| Estimated interest component of rent expense |
5,426 | 6,147 | 6,610 | 2,843 | 3,424 | 7,049 | ||||||||||||||||||||||
| Total fixed charges |
$ | 61,078 | $ | 67,305 | $ | 59,998 | $ | 16,747 | $ | 20,705 | $ | 42,722 | ||||||||||||||||
| Ratio of earnings to fixed charges(1) |
<1 | 1.01 | <1 | 28.46 | 1.05 | <1 | ||||||||||||||||||||||
| (1) | The ratio of earnings to fixed charges is computed by dividing the sum of pre-tax income from continuing operations (before adjustment for minority interests in consolidated subsidiaries and loss from equity investees) plus fixed charges, by fixed charges. Fixed charges consist of interest charges, whether expensed or capitalized, and that portion of rental expense we believe to be representative of interest. |