EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
(In millions, except ratio of earnings to fixed charges)
| Historical | Pro Forma | |||||||||||||||||||||||||||||||||||||||||
| Predecessor | Successor | |||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | Nine Months Ended September 30, | Five Months Ended May 31, | Four Months Ended September 30, | Year Ended December 31, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
| 2005 | 2006 | 2007 | 2008 | 2009 | 2009 | 2010 | 2010 | 2009 | 2010 | |||||||||||||||||||||||||||||||||
Income before income taxes | $ | 12.4 | $ | (14.8 | ) | $ | (117.5 | ) | $ | (93.3 | ) | $ | (411.9 | ) | | $(425.3) | | $ | 676.5 | $ | 31.3 | $ | (387.2 | ) | $ | 68.5 | ||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||||||
Income from equity method investment | (2.8 | ) | (0.2 | ) | (2.2 | ) | (0.9 | ) | (4.0 | ) | (1.7 | ) | (3.6 | ) |
| (2.5 | ) |
| (3.2 | ) |
| (5.8 | ) | |||||||||||||||||||
Earnings (loss) from continuing operations before income taxes and income or loss from equity investments | 9.6 | (15.0 | ) | (119.7 | ) | (94.2 | ) | (415.9 | ) | (427.0 | ) | 672.9 | | 28.8 | |
| (390.4 | ) | | 62.7 | | |||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||||||||||||
Fixed charges | 71.6 | 92.9 | 104.8 | 108.2 | 73.6 | 59.1 | 48.3 | 16.5 | 54.7 | | 38.8 | | ||||||||||||||||||||||||||||||
Earnings available for fixed charges | $ | 81.2 | $ | 77.9 | $ | (14.9 | ) | $ | 14.0 | $ | (342.3 | ) | $ | (367.9 | ) | $ | 721.2 | $ | 45.3 |
| $ | (335.7 | ) | $ | 101.5 |
| ||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ | 66.6 | $ | 87.1 | $ | 97.4 | $ | 100.5 | $ | 66.5 | $ | 53.6 | $ | 45.2 | $ | 14.2 |
| $ | 47.6 |
| $ | 33.4 |
| |||||||||||||||||||
Estimated interest factor for rentals | 5.0 | 5.8 | 7.4 | 7.7 | 7.1 | 5.5 | 3.1 | | 2.3 | |
| 7.1 |
| | 5.4 | | ||||||||||||||||||||||||||
Fixed charges | $ | 71.6 | $ | 92.9 | $ | 104.8 | $ | 108.2 | $ | 73.6 | $ | 59.1 | $ | 48.3 | $ | 16.5 |
| $ | 54.7 |
| $ | 38.8 |
| |||||||||||||||||||
Ratio of earnings to fixed charges | 1.1 | — | — | — | — | — | 14.9 |
| 2.7 |
| | — | | | 2.6 | | ||||||||||||||||||||||||||
Fixed charges in excess of earnings(1) | $ | — | $ | 15.0 | $ | 119.7 | $ | 94.2 | $ | 415.9 | $ | 427.0 | $ | — | $ | — |
| $ | 390.4 |
| $ | — |
| |||||||||||||||||||
| (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, and $427.0 million for the nine months ended September 30, 2009. On a pro forma basis, earnings were insufficient to cover fixed charges by $390.4 million for the year ended December 31, 2009. |