Exhibit 12.1
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
(Unaudited)
The Predecessor | The Company | |||||||||||||||||||||||||||
Period from January 1, 2005 to October 16, 2005 | Period from October 17, 2005 to December 31, 2005 | Year Ended December 31, 2006 | Year Ended December 31, 2007 | Year Ended December 31, 2008 | Six Months Ended June 30, 2008 | Six Months Ended June 30, 2009 | ||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||
Income (loss) before income taxes and minority interests | $ | 79.0 | $ | (136.2 | ) | $ | (431.6 | ) | $ | (186.1 | ) | $ | (80.5 | ) | $ | (43.9 | ) | $ | (19.4 | ) | ||||||||
Fixed charges | 5.3 | 33.0 | 153.6 | 149.5 | 147.3 | 53.9 | 60.8 | |||||||||||||||||||||
Earnings adjusted for fixed charges | $ | 84.3 | $ | (103.2 | ) | $ | (278.0 | ) | $ | (36.6 | ) | $ | 66.8 | $ | 10.0 | $ | 41.4 | |||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense (note no interest capitalized) | $ | 0.5 | $ | 31.9 | $ | 148.8 | $ | 145.2 | $ | 142.9 | $ | 51.5 | $ | 58.5 | ||||||||||||||
Portion of rent expense representative of interest (1) | 4.8 | 1.1 | 4.8 | 4.3 | 4.4 | 2.4 | 2.3 | |||||||||||||||||||||
Total fixed charges | $ | 5.3 | $ | 33.0 | $ | 153.6 | $ | 149.5 | $ | 147.3 | $ | 53.9 | $ | 60.8 | ||||||||||||||
Ratio of earnings to fixed charges(2) | $ | 15.9 | x | — | — | — | — | — | — | |||||||||||||||||||
(1) | One third of rent expense is deemed to be representative of interest. |
(2) | Our earnings were insufficient to cover fixed charges by $136.2 million for the period from October 17, 2005 to December 31, 2005, and by $431.6 million, $186.1 million and $80.5 million for the years ended December 31, 2006, 2007 and 2008, respectively, and by $43.9 million and $19.4 million for the six months ended June 30, 2008 and 2009, respectively. |