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- 10-K Annual report
- 10.9 Key Management Severance Agreement with Karel Czanderna
- 10.10 Offer Letter from Owens Corning to Karel Czanderna
- 12.1 Ratio of Earnings to Fixed Charges
- 14.1 Ethics Policy for Chief Executive and Senior Financial Officers
- 21.1 Subsidiaries of Owens Corning
- 23.1 Consent of Pricewaterhousecoopers LLP
- 31.1 Section 302 CEO Certification
- 31.2 Section 302 CFO Certification
- 32.1 Section 906 CEO Certification
- 32.2 Section 906 CFO Certification
Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth our ratio of earnings to fixed charges for the periods indicated (in millions):
Successor | Predecessor | ||||||||||||||||||||||
Twelve Months Ended Dec. 31, | Two Months Ended Dec. 31, | Ten Months Ended Oct. 31, | Twelve Months Ended Dec. 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2006 | 2005 | ||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Earnings (loss) from continuing operations before taxes | $ | 81 | $ | 118 | $ | 22 | $ | (105 | ) | $ | 9,021 | $ | (4,513 | ) | |||||||||
Fixed charges (see below) | 146 | 163 | 177 | 39 | 277 | 775 | |||||||||||||||||
Amortization of capitalized interest | 3 | 2 | 1 | — | 5 | 7 | |||||||||||||||||
Capitalized interest | (10 | ) | (9 | ) | (11 | ) | (2 | ) | — | — | |||||||||||||
Noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges | — | — | — | — | — | — | |||||||||||||||||
Earnings, as adjusted | $ | 220 | $ | 274 | $ | 189 | $ | (68 | ) | $ | 9,303 | $ | (3,731 | ) | |||||||||
Fixed charges: | |||||||||||||||||||||||
Portion of rents representative of interest expense (33%) | $ | 24 | $ | 31 | $ | 32 | $ | 5 | $ | 22 | $ | 27 | |||||||||||
Interest on indebtedness, including amortization of deferred loan costs | 112 | 123 | 134 | 32 | 255 | 748 | |||||||||||||||||
Capitalized interest | 10 | 9 | 11 | 2 | — | — | |||||||||||||||||
Total fixed charges | $ | 146 | $ | 163 | $ | 177 | $ | 39 | $ | 277 | $ | 775 | |||||||||||
Ratio of earnings to fixed charges | 1.5 | 1.7 | 1.1 | N/A | 33.6 | N/A |
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 and $4.506 billion in the twelve months ended December 31, 2005 in order to achieve a coverage ratio of 1:1.