Exhibit 12.1
STATEMENT REGARDING
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Successor | Predecessor | |||||||||||||||||||||||||
Years Ended December 31, | Two-Month Period Ended December 31, 2009 | Ten-Month Period Ended October 25, 2009 | Years Ended December 31, 2008 | |||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||
(in millions except ratios) | ||||||||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||
Interest expensed and capitalized, amortization of debt issuance costs and discount on all indebtedness | $ | 23.2 | $ | 25.8 | $ | 23.3 | $ | 1.3 | $ | 31.2 | $ | 76.5 | ||||||||||||||
Rent expense | 2.8 | 2.8 | 4.1 | 0.8 | 3.9 | 4.5 | ||||||||||||||||||||
Preferred stock dividend requirements of consolidated subsidiaries | — | — | — | — | 6.3 | 13.3 | ||||||||||||||||||||
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Total fixed charges | 26.1 | 28.6 | 27.4 | 2.1 | 41.4 | 94.2 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes operations before income taxes | 141.3 | 29.8 | 82.5 | (0.5 | ) | 841.8 | (314.3 | ) | ||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Fixed charges | 26.1 | 28.6 | 27.4 | 2.1 | 41.4 | 94.2 | ||||||||||||||||||||
Amortization of capitalized interest | — | — | — | — | 0.0 | 0.1 | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Interest capitalized | — | — | — | — | — | — | ||||||||||||||||||||
Preferred unit dividend requirements of consolidated subsidiaries | — | — | — | — | (6.3 | ) | (13.3 | ) | ||||||||||||||||||
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Total earnings plus fixed charges | $ | 167.4 | $ | 58.5 | $ | 109.9 | $ | 1.6 | $ | 877.0 | $ | (233.2 | ) | |||||||||||||
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Ratio of earnings to fixed charges | 6.4x | 2.0x | 4.0x | — | 21.2x | — | ||||||||||||||||||||
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The term “fixed charge” means the sum of the following: interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebtedness; and an estimate of interest within rental expense (equal to one-third of rental expense). Management believes this is a reasonable approximation of the interest factor.
Where a dash appears, our earnings were negative and were insufficient to cover fixed charges during the period. Our deficiencies to cover fixed charges in each period presented were as follows:
Successor | Predecessor | |||||||||
Two-Month Period Ended December 31, 2009 | Years Ended December 31, 2008 | |||||||||
(in millions) | ||||||||||
Deficiencies | $ | 0.5 | $ | 327.5 |