Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions)
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| February 20 to |
| January 1 to |
| Nine Months |
| Six Months Ended |
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| September 30, |
| February 19, |
| September 30, |
| December 31, |
| Year Ended June 30, |
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| 2010 |
| 2010 |
| 2009 |
| 2009 |
| 2008 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
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Pre-tax income from continuing operations |
| $ | (128.8 | ) | $ | 1,814.2 |
| $ | (1,099.0 | ) | $ | (107.0 | ) | $ | (110.6 | ) | $ | (1,141.2 | ) | $ | (222.9 | ) | $ | (76.4 | ) | $ | (0.9 | ) | $ | 138.4 |
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Fixed Charges: |
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Interest on debt, including amortization of debt issue costs and bond discount |
| 39.9 |
| 8.8 |
| 133.1 |
| 45.8 |
| 103.9 |
| 202.3 |
| 218.9 |
| 96.5 |
| 25.2 |
| 58.7 |
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Estimate of interest within rental expense (A) |
| 9.2 |
| 1.5 |
| 8.0 |
| 7.8 |
| 8.2 |
| 16.4 |
| 18.5 |
| 7.2 |
| 2.3 |
| 2.9 |
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Total Fixed Charges |
| 49.1 |
| 10.3 |
| 141.1 |
| 53.6 |
| 112.1 |
| 218.7 |
| 237.4 |
| 103.7 |
| 27.5 |
| 61.6 |
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Pre-tax income from continuing operations plus fixed charges |
| $ | (79.7 | ) | $ | 1,824.5 |
| $ | (957.9 | ) | $ | (53.4 | ) | $ | 1.5 |
| $ | (922.5 | ) | $ | 14.5 |
| $ | 27.3 |
| 26.6 |
| 200.0 |
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Ratio of earnings to fixed charges |
| (B | ) | $ | 176.3 |
| (B | ) | (B | ) | (B | ) | (B | ) | (B | ) | (B | ) | (B | ) | $ | 3.2 |
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(A) We estimated the interest component of rent expense to be 53% based on our long term cost of capital.
(B) Due to losses for the period ended February 20 to September 30, 2010; the nine months ended September 30, 2009; six months ended December 31, 2009 and 2008; and the fiscal years 2009, 2008, 2007 and 2006, the coverage ratio was less than 1:1. We would have needed to generate additional earnings of $128.8; $1,099.0; $107.0 and $110.6; $1,141.2, $222.9, $76.4 and $0.9, respectively, in each of these periods in order to achieve a ratio of 1:1.
