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, | |
| | | 2006 | | | 2007 | | | 2008 | | | 2009 | | | 2010 | | | 2010 | |
Income before income taxes | | $ | (14.8 | ) | | $ | (117.5 | ) | | $ | (93.3 | ) | | $ | (411.9 | ) | | $ | 319.9 | (2) | | $ | 46.2 | |
Less: | | | | | | | | | | | | | | | | | | | | | | | | |
Income from equity method investment | | | (0.2 | ) | | | (2.2 | ) | | | (0.9 | ) | | | (4.0 | ) | | | (3.6 | ) | | | (3.4 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
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: | | | | | | | | | | | | | | | | | | | | | | | | |
Fixed charges, excluding preferred stock dividend requirement | | | 92.9 | | | | 104.8 | | | | 108.2 | | | | 73.6 | | | | 48.3 | | | | 29.8 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Earnings available for fixed charges | | $ | 77.9 | | | $ | (14.9 | ) | | $ | 14.0 | | | $ | (342.3 | ) | | $ | 364.6 | | | $ | 72.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Fixed charges: | | | | | | | | | | | | | | | | | | | | | | | | |
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 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Fixed charges | | $ | 92.9 | | | $ | 104.8 | | | $ | 108.2 | | | $ | 73.6 | | | $ | 48.3 | | | $ | 34.5 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
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. |
