Exhibit 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND TO FIXED CHARGES AND PREFERENCE DIVIDENDS
The following table shows our unaudited ratios of earnings to (a) fixed charges and (b) fixed charges and preference dividends for the periods presented:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (Unaudited) |
| | Successor | | | Predecessor | | | Pre-Predecessor |
| | June 30, 2014
Through December 31, 2014 | | | January 1, 2014 Through June 29, 2014 | | Year Ended December 31, | | September 22, 2010 Through December 31, 2010 | | | December 26, 2009 Through September 21, 2010 |
| | | | | 2013 | | 2012 | | 2011 | | | |
| Earnings (loss): | | | | | | | | | | | | | | | |
| (Loss) income before income taxes | $ | (21,869 | ) | | | $ | (5,528 | ) | | $ | 42,335 |
| | $ | 19,493 |
| | $ | 13,425 |
| | $ | (1,693 | ) | | | $ | 64,647 |
|
| Adjustments: | | | | | | | | | | | | | | | |
| Less: Equity income from equity investees | (381 | ) | | | (831 | ) | | (2,345 | ) | | (1,510 | ) | | (865 | ) | | (410 | ) | | | (773 | ) |
| (Loss) income before income taxes and equity income from equity investees | (22,250 | ) | | | (6,359 | ) | | 39,990 |
| | 17,983 |
| | 12,560 |
| | (2,103 | ) | | | 63,874 |
|
| Add: | | | | | | | | | | | | | | | |
| Fixed charges | 17,805 |
| | | 8,889 |
| | 18,416 |
| | 21,645 |
| | 19,878 |
| | 4,864 |
| | | 25,351 |
|
| Distributed income of equity investees | — |
| | | — |
| | 1,000 |
| | 850 |
| | 250 |
| | — |
| | | 704 |
|
| Total earnings (loss) | $ | (4,445 | ) | | | $ | 2,530 |
| | $ | 59,406 |
| | $ | 40,478 |
| | $ | 32,688 |
| | $ | 2,761 |
| | | $ | 89,929 |
|
| | | | | | | | | | | | | | | | |
| Fixed charges: | | | | | | | | | | | | | | | |
| Interest expensed, including amortization of deferred financing costs and accretion of debt discount, excluding loss on early extinguishment of debt | $ | 16,172 |
| | | $ | 7,301 |
| | $ | 15,316 |
| | $ | 18,612 |
| | $ | 17,011 |
| | $ | 4,228 |
| | | $ | 23,489 |
|
| Estimated interest component of rent expense | 1,633 |
| | | 1,588 |
| | 3,100 |
| | 3,033 |
| | 2,867 |
| | 636 |
| | | 1,862 |
|
| Total fixed charges | $ | 17,805 |
| | | $ | 8,889 |
| | $ | 18,416 |
| | $ | 21,645 |
| | $ | 19,878 |
| | $ | 4,864 |
| | | $ | 25,351 |
|
| | | | | | | | | | | | | | | | |
| Pre-tax preferred dividend requirements | $ | 2,831 |
| | | $ | — |
| | $ | 4,227 |
| | $ | 8,390 |
| | $ | 5,384 |
| | $ | 9,597 |
| | | $ | — |
|
| Total fixed charges plus preference dividends | $ | 20,636 |
| | | $ | 8,889 |
| | $ | 22,643 |
| | $ | 30,035 |
| | $ | 25,262 |
| | $ | 14,461 |
| | | $ | 25,351 |
|
| | | | | | | | | | | | | | | | |
| Ratio of earnings to fixed charges (1) | — (2) |
| | | — (2) |
| | 3.2 |
| | 1.9 |
| | 1.6 |
| | — (2) |
| | | 3.5 |
|
| Ratio of earnings to fixed charges and preference dividends (1) | — (2) |
| | | — (2) |
| | 2.6 |
| | 1.3 |
| | 1.3 |
| | — (2) |
| | | 3.5 |
|
| Amount of deficiency in earnings to fixed charges | $ | (22,250 | ) | | | $ | (6,359 | ) | | — |
| | — |
| | — |
| | $ | (2,103 | ) | | | — |
|
| Amount of deficiency in earnings to fixed charges and preference dividends | $ | (25,081 | ) | | | $ | (6,359 | ) | | — |
| | — |
| | — |
| | $ | (11,700 | ) | | | — |
|
| |
| 1. | For purposes of calculating the ratios of consolidated earnings to fixed charges and to fixed charges and preference dividends: |
| |
| • | “earnings” consist of income (loss) before income taxes and equity income (loss) of investees, plus fixed charges and distributed income of equity investees; |
| |
| • | “fixed charges” represent interest expensed and capitalized, and amortization of deferred financing costs and accretion of debt discount; and |
| |
| • | “preference dividends” refers to the amount of pre-tax earnings that is required to pay the cash dividends on outstanding preference securities and is computed as the amount of (a) the dividend divided by (b) the result of 1 minus the effective income tax rate applicable to continuing operations. |
The ratios of earnings to fixed charges and to fixed charges and preference dividends are ratios that have been calculated in accordance with Commission rules and regulations. These ratios have no application to our credit and lease facilities and preferred shares and we believe they are not ratios typically used by investors to evaluate our overall operating performance.
| |
| 2. | The ratio of earnings to fixed charges and to fixed charges and preference dividends for this period was less than 1.0x. |
