Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
Original Predecessor | Immediate Predecessor | Successor | ||||||||||||||||||||||||||||||||
Year | 62 Days | 304 Days | 174 Days | 233 Days | Year | Year | Three | |||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Months Ended | |||||||||||||||||||||||||||
December 31, | March 2, | December 31, | June 23, | December 31, | December 31, | December 31, | March 31, | |||||||||||||||||||||||||||
2003 | 2004 | 2004 | 2005 | 2005 | 2006 | 2007 | 2008 | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||
Fixed charges | ||||||||||||||||||||||||||||||||||
a) Interest expensed and capitalized | 1.3 | — | 8.8 | 7.3 | 24.1 | 52.2 | 70.4 | 11.9 | ||||||||||||||||||||||||||
b) Amortized capitalized expenses related to indebtedness (1) | — | — | 8.5 | 8.9 | 1.7 | 26.7 | 4.1 | 0.5 | ||||||||||||||||||||||||||
c) Estimate of interest within rental expense | 1.0 | 0.2 | 0.8 | 0.6 | 0.6 | 1.3 | 1.3 | 0.4 | ||||||||||||||||||||||||||
Total fixed charges | 2.3 | 0.2 | 18.1 | 16.8 | 26.4 | 80.2 | 75.8 | 12.8 | ||||||||||||||||||||||||||
Adjusted earnings | ||||||||||||||||||||||||||||||||||
a) Pre-tax income (loss) (2) | 27.9 | 11.2 | 83.5 | 88.5 | (182.2 | ) | 311.4 | (156.3 | ) | 29.1 | ||||||||||||||||||||||||
b) Fixed charges | — | 0.2 | 18.1 | 16.8 | 26.4 | 80.2 | 75.8 | 12.8 | ||||||||||||||||||||||||||
c) Amortization of capitalized interest | — | — | — | — | — | 0.1 | 0.5 | 0.3 | ||||||||||||||||||||||||||
d) Interest capitalized | — | — | (0.3 | ) | (0.8 | ) | (11.6 | ) | (12.0 | ) | (1.1 | ) | ||||||||||||||||||||||
Adjusted earnings | 27.9 | 11.4 | 101.6 | 105.0 | (156.6 | ) | 380.1 | (92.0 | ) | 41.1 | ||||||||||||||||||||||||
Ratio of earnings to fixed charges (3) | 12.1x | 57.0x | 5.6x | 6.3x | — | 4.7x | — | 3.2x |
(1) | Includes the write-off of $7.2 million of deferred financing costs in connection with the refinancing of our senior secured credit facility on May 10, 2004; $8.1 million of deferred financing costs in connection with the refinancing of our senior secured credit facility on June 23, 2005; $23.4 million in connection with the refinancing of our senior secured credit facility on December 28, 2006 and $1.3 million in connection with the repayment and termination of three credit facilities on October 26, 2007. | |
(2) | Pre-tax income (loss) for the calculation of ratio of income to fixed charges is defined as pre-tax income (loss) from continuing operations before adjustments for minority interest in consolidated subsidiary. | |
(3) | Earnings were insufficient to cover fixed charges by $183.0 million and $167.8 million for the 233 days ended December 31, 2005 and the year ended December 31, 2007, respectively. |