Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the years period indicated:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Successor | | | Predecessor | |
| | | For the
Three
Months Ended
March 31,
2009 | | | For the
Twelve
Months Ended
December 31,
2008 | | | For the
Twelve
Months Ended
December 31,
2007 | | | For the
Two
Months Ended
December 31,
2006 | | | For the
Ten
Months Ended
December 31,
2006 | | For the
Twelve
Months Ended
December 31,
2005 | | | For the
Twelve
Months Ended
December 31,
2004 | |
Earnings: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Earnings (loss) from continuing operations before taxes | | $ | (43 | ) | | $ | 118 | | | $ | 22 | | | $ | (105 | ) | | $ | 9,021 | | $ | (4,513 | ) | | $ | 402 | |
Fixed charges (see below) | | | 34 | | | | 163 | | | | 177 | | | | 39 | | | | 277 | | | 775 | | | | 35 | |
Amortization of capitalized interest | | | 1 | | | | 2 | | | | 1 | | | | — | | | | 5 | | | 7 | | | | 8 | |
Capitalized interest | | | (3 | ) | | | (9 | ) | | | (11 | ) | | | (2 | ) | | | — | | | — | | | | 2 | |
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | | | — | | | | — | | | | — | | | | — | | | | — | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings, as adjusted | | $ | (11 | ) | | $ | 274 | | | $ | 189 | | | $ | (68 | ) | | $ | 9,303 | | $ | (3,731 | ) | | $ | 447 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Fixed Charges: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portion of rents representative of interest expense (33%) | | $ | 6 | | | $ | 31 | | | $ | 32 | | | $ | 5 | | | $ | 22 | | $ | 27 | | | $ | 27 | |
Interest on indebtedness, including amortization of deferred loan costs | | | 25 | | | | 123 | | | | 134 | | | | 32 | | | | 255 | | | 748 | | | | 10 | |
Capitalized interest | | | 3 | | | | 9 | | | | 11 | | | | 2 | | | | — | | | — | | | | (2 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total fixed charges | | $ | 34 | | | $ | 163 | | | $ | 177 | | | $ | 39 | | | $ | 277 | | $ | 775 | | | $ | 35 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratio of earnings to fixed charges | | | N/A | (a) | | | 1.7 | | | | 1.1 | | | | N/A | (b) | | | 33.6 | | | N/A | (c) | | | 12.8 | |
| (a) | We would have had to generate additional earnings of $45 million in the three months ended March 31, 2009 in order to achieve a coverage ratio of 1:1. |
| (b) | Due to the losses incurred for adjustments due to bankruptcy proceedings, we would have had to generate additional earnings of $107 million in the two months ended December 31, 2006 in order to achieve a coverage ratio of 1:1. |
| (c) | Due to the losses incurred for adjustments due to bankruptcy proceedings, we would have had to generate additional earnings of $4.506 billion in the twelve months ended December 31, 2005 in order to achieve a coverage ratio of 1:1. |
