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RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth (in thousands) our ratio of earnings to fixed charges for each of the periods shown on a combined basis for the Predecessor periods and on a consolidated basis for the Successor periods. For purposes of determining the ratio of earnings to fixed charges, earnings are defined as (loss) earnings from continuing operations before income taxes, plus fixed charges. Fixed charges consist of interest expense on all indebtedness, amortization of debt discount, amortization of debt issuance costs and an interest factor attributable to operating leases.
| | | | | COMBINED | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Year ended June 30, | |||||||||||||||||
| CONSOLIDATED | |||||||||||||||||||||
| Period from November 5, 2010 to December 31, 2010 | Period from July 1, 2010 to November 4, 2010 | | |||||||||||||||||||
| Year ended December 31, | | | |||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||
| (Successor) | (Successor) | (Successor) | (Successor) | (Successor) | (Predecessor) | (Predecessor) | |||||||||||||||
(Loss) earnings before income taxes | $ | (25,368 | ) | $ | (24,145 | ) | $ | (52,841 | ) | $ | (29,373 | ) | $ | (30,366 | ) | $ | 24,852 | $ | 90,302 | |||
Add: Fixed charges (from below) | 47,808 | 48,153 | 49,092 | 48,239 | 7,465 | 19 | 71 | |||||||||||||||
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(Loss) earnings as defined | $ | 22,440 | $ | 24,008 | $ | (3,749 | ) | $ | 18,866 | $ | (22,901 | ) | $ | 24,871 | $ | 90,373 | ||||||
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Fixed charges: | ||||||||||||||||||||||
Interest expense | 43,570 | 43,716 | 44,828 | 44,257 | 6,865 | — | — | |||||||||||||||
Amortization of debt discount | 2,887 | 2,722 | 2,529 | 2,354 | 352 | — | — | |||||||||||||||
Amortization of debt issuance costs | 1,187 | 1,586 | 1,530 | 1,482 | 216 | — | — | |||||||||||||||
Estimated interest factor from rental expense | 164 | 129 | 205 | 146 | 32 | 19 | 71 | |||||||||||||||
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Total fixed charges | $ | 47,808 | $ | 48,153 | $ | 49,092 | $ | 48,239 | $ | 7,465 | $ | 19 | $ | 71 | ||||||||
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Ratio of earnings to fixed charges(1) | — | — | — | — | 1,321.9x | 1,281.5x |
- (1)
- The ratio of earnings to fixed charges is computed by dividing (loss) earnings from operations plus fixed charges by fixed charges. For the years ended December 31, 2014, 2013 and 2012 there was a deficiency in the amount of earnings to fixed charges of $17.3 million, $24.1 million and $52.9 million, respectively.
RATIO OF EARNINGS TO FIXED CHARGES