Exhibit 12.1
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Successor | Predecessor | |||||||||||||||||||||||||
| Year Ended December 31, 2010 | Two-Month Period Ended December 31, 2009 | Ten-Month Period Ended October 25, 2009 | Years Ended December 31, | |||||||||||||||||||||||
| 2008 | 2007 | 2006 | ||||||||||||||||||||||||
| (in millions except ratios) | ||||||||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||
Interest expensed and capitalized, amortization of debt issuance costs and discount on all indebtedness | $ | 23.3 | $ | 1.3 | $ | 31.2 | $ | 76.5 | $ | 61.4 | $ | 60.0 | ||||||||||||||
Rent expense | 4.1 | 0.8 | 3.9 | 4.5 | 3.9 | 4.0 | ||||||||||||||||||||
Preferred stock dividend requirements of consolidated subsidiaries | — | — | 6.3 | 13.3 | 12.0 | 10.9 | ||||||||||||||||||||
Total fixed charges | 27.4 | 2.1 | 41.4 | 94.2 | 77.3 | 74.9 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 82.5 | (0.5 | ) | 841.8 | (314.3 | ) | (120.0 | ) | (67.9 | ) | ||||||||||||||||
Add: | ||||||||||||||||||||||||||
Fixed charges | 27.4 | 2.1 | 41.4 | 94.2 | 77.3 | 74.9 | ||||||||||||||||||||
Amortization of capitalized interest | — | — | 0.0 | 0.1 | 0.1 | 0.0 | ||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Interest capitalized | — | — | — | — | — | (0.1 | ) | |||||||||||||||||||
Preferred unit dividend requirements of consolidated subsidiaries | — | — | (6.3 | ) | (13.3 | ) | (12.0 | ) | (10.9 | ) | ||||||||||||||||
Total earnings plus fixed charges | 109.9 | 1.6 | 877.0 | (233.2 | ) | (54.6 | ) | (3.9 | ) | |||||||||||||||||
Ratio of earnings to fixed charges | 4.0 | — | 21.2 | — | — | — | ||||||||||||||||||||
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 | 2007 | 2006 | ||||||||||||||||
| (in millions) | ||||||||||||||||||
Deficiencies | $ | 0.5 | $ | 327.5 | $ | 132.0 | $ | 78.8 | ||||||||||
