Attached files
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(In millions, except ratio of earnings to fixed charges)
| Predecessor | Successor | |||||||||||||||||||||||
| Year Ended December 31, | Five Months Ended May 31, |
Seven Months Ended December 31, |
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| 2006 | 2007 | 2008 | 2009 | 2010 | 2010 | |||||||||||||||||||
| Income before income taxes |
$ | (14.8 | ) | $ | (117.5 | ) | $ | (93.3 | ) | $ | (411.9 | ) | $ | 319.9 | (2) | $ | 46.2 | |||||||
| Less: |
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| Income from equity method investment |
(0.2 | ) | (2.2 | ) | (0.9 | ) | (4.0 | ) | (3.6 | ) | (3.4 | ) | ||||||||||||
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| Earnings (loss) from continuing operations before income taxes and income or loss from equity investments |
(15.0 | ) | (119.7 | ) | (94.2 | ) | (415.9 | ) | 316.3 | 42.8 | ||||||||||||||
| Plus: |
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| Fixed charges, excluding preferred stock dividend requirement |
92.9 | 104.8 | 108.2 | 73.6 | 48.3 | 29.8 | ||||||||||||||||||
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| Earnings available for fixed charges |
$ | 77.9 | $ | (14.9 | ) | $ | 14.0 | $ | (342.3 | ) | $ | 364.6 | $ | 72.6 | ||||||||||
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| Fixed charges: |
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| Interest expense |
$ | 87.1 | $ | 97.4 | $ | 100.5 | $ | 66.5 | $ | 45.2 | $ | 25.9 | ||||||||||||
| Estimated interest factor for rentals |
5.8 | 7.4 | 7.7 | 7.1 | 3.1 | 3.9 | ||||||||||||||||||
| Preferred stock dividend requirements |
— | — | — | — | — | 4.7 | ||||||||||||||||||
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| Fixed charges |
$ | 92.9 | $ | 104.8 | $ | 108.2 | $ | 73.6 | $ | 48.3 | $ | 34.5 | ||||||||||||
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| Ratio of earnings to fixed charges and preferred stock dividends |
— | — | — | — | 7.5 | 2.1 | ||||||||||||||||||
| Fixed charges in excess of earnings(1) |
$ | 15.0 | $ | 119.7 | $ | 94.2 | $ | 415.9 | $ | — | $ | — | ||||||||||||
| (1) | Earnings were insufficient to cover fixed charges by $15.0 million, $119.7 million, $94.2 million and $415.9 million for the years ended December 31, 2006, 2007, 2008 and 2009, respectively. |
| (2) | Amounts have been restated, see Footnote 1A for additional information. |