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. |