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, | Year Ended December 31, | Six Months Ended June 30, | ||||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2010 | 2011 | 2012 | ||||||||||||||||||||||
Income (loss) before income taxes | $ | (117.5 | ) | $ | (93.3 | ) | $ | (411.9 | ) | $ | 319.9 | $ | 46.2 | $ | 97.3 | $ | 61.8 | |||||||||||
Less: | ||||||||||||||||||||||||||||
Income from equity method investments | (2.2 | ) | (0.9 | ) | (4.0 | ) | (3.6 | ) | (3.4 | ) | (5.4 | ) | (3.5 | ) | ||||||||||||||
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Earnings (loss) from continuing operations before income taxes and income or loss from equity investments | (119.7 | ) | (94.2 | ) | (415.9 | ) | 316.3 | 42.8 | 91.9 | 58.3 | ||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||
Fixed charges, excluding preferred stock dividend requirement | 104.8 | 108.2 | 73.6 | 48.3 | 29.8 | 53.3 | 27.6 | |||||||||||||||||||||
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Earnings available for fixed charges | $ | (14.9 | ) | $ | 14.0 | $ | (342.3 | ) | $ | 364.6 | $ | 72.6 | $ | 145.2 | $ | 85.9 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 97.4 | $ | 100.5 | $ | 66.5 | $ | 45.2 | $ | 25.9 | $ | 45.4 | $ | 23.6 | ||||||||||||||
Estimated interest factor for rentals | 7.4 | 7.7 | 7.1 | 3.1 | 3.9 | 7.9 | 4.0 | |||||||||||||||||||||
Preferred stock dividend requirements | — | — | — | — | 4.7 | 7.3 | 3.4 | |||||||||||||||||||||
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Fixed charges | $ | 104.8 | $ | 108.2 | $ | 73.6 | $ | 48.3 | $ | 34.5 | $ | 60.6 | $ | 31.0 | ||||||||||||||
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Ratio of earnings to combined fixed charges and preferred stock dividends | — | — | — | 7.5 | 2.1 | 2.4 | 2.8 | |||||||||||||||||||||
Fixed charges in excess of earnings (1) | $ | 119.7 | $ | 94.2 | $ | 415.9 | $ | — | $ | — | $ | — | $ | — |
(1) | Earnings were insufficient to cover fixed charges by $119.7 million, $94.2 million and $415.9 million for the years ended December 31, 2007, 2008 and 2009, respectively. |