Exhibit 12.1
MOMENTIVE SPECIALTY CHEMICALS INC.
Statement Regarding Computation of Ratios
(Amounts in millions of dollars)
| Year ended December 31, | ||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
| (dollars in millions, except per share data) | ||||||||||||||||||||
Pre-tax (loss) income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or earnings from unconsolidated entities | (302 | ) | (58 | ) | 102 | 243 | 137 | |||||||||||||
Fixed Charges: | ||||||||||||||||||||
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Interest expensed and capitalized | 304 | 263 | 263 | 277 | 227 | |||||||||||||||
Interest element of lease costs | 12 | 12 | 12 | 12 | 12 | |||||||||||||||
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Total fixed charges | 316 | 275 | 275 | 289 | 239 | |||||||||||||||
Pre-tax income (loss) from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or earnings from unconsolidated entities, plus fixed charges | 14 | 217 | 377 | 532 | 376 | |||||||||||||||
Ratio of earnings to fixed charges | N/A | N/A | 1.37 | 1.84 | 1.57 | |||||||||||||||
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| (1) | The interest element of lease costs has been calculated as 1/3 of the rental expense relating to operating leases as management believes this represents the interest portion hereof. |
| (2) | Our earnings were insufficient to cover fixed charges by $302 and $58 for the years ended December 31, 2013 and 2012, respectively. |
