EXHIBIT 12.1
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(In millions, except ratio of earnings to fixed charges)
Historical | ||||||||||||||||||||||||||||
Predecessor | Successor | |||||||||||||||||||||||||||
Year Ended December 31, | Five Months Ended May 31, | Seven Months Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||||
2006 | 2007 | 2008 | 2009 | 2010 | 2010 | 2011 | ||||||||||||||||||||||
Income before income taxes | $ | (14.8 | ) | $ | (117.5 | ) | $ | (93.3 | ) | $ | (411.9 | ) | $ | 676.5 | $ | 46.2 | $ | 57.3 | ||||||||||
Less: | ||||||||||||||||||||||||||||
Income from equity method investment | (0.2 | ) | (2.2 | ) | (0.9 | ) | (4.0 | ) | (3.6 | ) | (3.4 | ) | (1.7 | ) | ||||||||||||||
Earnings (loss) from continuing operations before income taxes and income or loss from equity investments | (15.0 | ) | (119.7 | ) | (94.2 | ) | (415.9 | ) | 672.9 | 42.8 | 55.6 | |||||||||||||||||
Plus: | ||||||||||||||||||||||||||||
Fixed charges, excluding preferred stock dividend requirement | 92.9 | 104.8 | 108.2 | 73.6 | 48.3 | 29.8 | 12.9 | |||||||||||||||||||||
Earnings available for fixed charges | $ | 77.9 | $ | (14.9 | ) | $ | 14.0 | $ | (342.3 | ) | $ | 721.2 | $ | 72.6 | $ | 68.5 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 87.1 | $ | 97.4 | $ | 100.5 | $ | 66.5 | $ | 45.2 | $ | 25.9 | $ | 11.1 | ||||||||||||||
Estimated interest factor for rentals | 5.8 | 7.4 | 7.7 | 7.1 | 3.1 | 3.9 | 1.8 | |||||||||||||||||||||
Preferred stock dividend requirements | — | — | — | — | — | 4.7 | 1.8 | |||||||||||||||||||||
Fixed charges | $ | 92.9 | $ | 104.8 | $ | 108.2 | $ | 73.6 | $ | 48.3 | $ | 34.5 | $ | 14.7 | ||||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | — | — | — | — | 14.9 | 2.1 | 4.7 | |||||||||||||||||||||
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. |