Exhibit 12.1
VERSO PAPER HOLDINGS LLC
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
| Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
| (Dollars in thousands) | 2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||
Earnings (Loss): | ||||||||||||||||||||||||||||
Net (loss) income | $ | (90,601 | ) | $ | (37,769 | ) | $ | (111,152 | ) | $ | (166,170 | ) | $ | (122,529 | ) | $ | (125,480 | ) | $ | 80,702 | ||||||||
Amortization of capitalized interest | 141 | 134 | 552 | 422 | 249 | 167 | 152 | |||||||||||||||||||||
Capitalized interest | (569 | ) | (42 | ) | (1,269 | ) | (3,500 | ) | (3,685 | ) | (1,268 | ) | (396 | ) | ||||||||||||||
Fixed charges (below) | 36,025 | 35,205 | 143,138 | 134,471 | 128,441 | 126,105 | 118,768 | |||||||||||||||||||||
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Earnings (loss) adjusted for fixed charges | $ | (55,004 | ) | $ | (2,472 | ) | $ | 31,269 | $ | (34,777 | ) | $ | 2,476 | $ | (476 | ) | $ | 199,226 | ||||||||||
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Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 34,856 | $ | 34,439 | $ | 138,626 | $ | 127,943 | $ | 122,213 | $ | 122,528 | $ | 116,130 | ||||||||||||||
Capitalized interest | 569 | (42 | ) | 1,269 | 3,500 | 3,685 | 1,268 | 396 | ||||||||||||||||||||
Portion of rent expense representative of interest | 600 | 724 | 3,243 | 3,028 | 2,543 | 2,309 | 2,242 | |||||||||||||||||||||
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Total fixed charges | $ | 36,025 | $ | 35,205 | $ | 143,138 | $ | 134,471 | $ | 128,441 | $ | 126,105 | $ | 118,768 | ||||||||||||||
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Ratio of earnings to fixed charges | — | — | — | — | — | — | 1.68 | |||||||||||||||||||||
Coverage deficiency | $ | 91,029 | $ | 37,677 | $ | 111,869 | $ | 169,248 | $ | 125,965 | $ | 126,581 | $ | — | ||||||||||||||
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