Exhibit 12.1
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
(Unaudited)
Year Ended December 31, 2006 | Year Ended December 31, 2007 | Year Ended December 31, 2008 | Year Ended December 31, 2009 | Year Ended December 31, 2010 | Three Months Ended March 31, 2010 | Three Months Ended March 31, 2011 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) before income taxes and minority interests | $ | (431.6 | ) | $ | (186.1 | ) | $ | (80.5 | ) | $ | (37.4 | ) | $ | (128.8 | ) | $ | (9.3 | ) | $ | (23.3 | ) | |||||||
Fixed charges | 153.6 | 149.5 | 147.3 | 134.2 | 163.5 | 39.1 | 37.2 | |||||||||||||||||||||
Earnings adjusted for fixed charges | $ | (278.0 | ) | $ | (36.6 | ) | $ | 66.8 | 96.8 | $ | 34.7 | $ | 29.8 | $ | 13.9 | |||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (note no interest capitalized) | $ | 148.8 | $ | 145.2 | $ | 142.9 | $ | 129.7 | $ | 158.0 | $ | 37.7 | $ | 35.8 | ||||||||||||||
Portion of rent expense representative of interest (1) | 4.8 | 4.3 | 4.4 | 4.5 | 5.5 | 1.4 | 1.4 | |||||||||||||||||||||
Total fixed charges | $ | 153.6 | $ | 149.5 | $ | 147.3 | 134.2 | 163.5 | $ | 39.1 | $ | 37.2 | ||||||||||||||||
Ratio of earnings to fixed charges (2) | — | — | — | — | — | — | — | |||||||||||||||||||||
(1) | One third of rent expense is deemed to be representative of interest. |
(2) | Our earnings were insufficient to cover fixed charges by $431.6 million, $186.1 million, $80.5 million, $37.4 million and $128.8 million for the years ended December 31, 2006, 2007, 2008, 2009 and 2010, respectively, and by $9.3 million and $23.3 million for the three months ended March 31, 2010 and 2011, respectively. |