Exhibit 12.1
STATEMENT REGARDING
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
(in millions except ratios) | ||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expensed, amortization of debt issuance costs and discount on all indebtedness | $ | 16.8 | $ | 21.1 | $ | 23.2 | $ | 25.8 | $ | 23.3 | ||||||||||
Rent expense | 3.1 | 2.9 | 2.8 | 2.8 | 4.1 | |||||||||||||||
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Total fixed charges | 19.9 | 24.0 | 26.0 | 28.6 | 27.4 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (115.7 | ) | (60.2 | ) | 122.9 | (3.2 | ) | 83.1 | ||||||||||||
Add: | ||||||||||||||||||||
Fixed charges | 19.9 | 24.0 | 26.0 | 28.6 | 27.4 | |||||||||||||||
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Total earnings plus fixed charges | $ | (95.8 | ) | $ | (36.2 | ) | $ | 148.9 | $ | 25.4 | $ | 110.5 | ||||||||
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Ratio of earnings to fixed charges | — | — | 5.7x | — | 4.0x | |||||||||||||||
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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:
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2011 | ||||||||||
(In millions) | ||||||||||||
Deficiencies | $ | 115.7 | $ | 60.2 | $ | 3.2 |