Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Nine Months Ended September 27, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | Successor Period 2012 | Predecessor Period 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | ||||||||||||||||||||||||
| (In millions) | ||||||||||||||||||||||||||||||
Earnings Available for Fixed Charges: | ||||||||||||||||||||||||||||||
Income (loss) before tax | 145.3 | 54.2 | 92.9 | (47.1 | ) | (36.7 | ) | 71.3 | 75.3 | |||||||||||||||||||||
Add: fixed charges included in earnings: | ||||||||||||||||||||||||||||||
Interest expense | 80.5 | 99.9 | 74.7 | 11.1 | 25.8 | 31.6 | 25.8 | |||||||||||||||||||||||
Interest element of rentals (A) | 0.5 | 0.8 | 0.7 | 0.0 | 0.4 | 0.8 | 1.1 | |||||||||||||||||||||||
Total | 81.0 | 100.7 | 75.4 | 11.1 | 26.2 | 32.4 | 26.9 | |||||||||||||||||||||||
Total earnings available for fixed charges | 226.3 | 154.9 | 168.3 | (36.0 | ) | (10.5 | ) | 103.7 | 102.2 | |||||||||||||||||||||
Fixed Charges (B): | ||||||||||||||||||||||||||||||
Fixed charges included in earnings | 81.0 | 100.7 | 75.4 | 11.1 | 26.2 | 32.4 | 26.9 | |||||||||||||||||||||||
Capitalized interest | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total fixed charges | 81.0 | 100.7 | 75.4 | 11.1 | 26.2 | 32.4 | 26.9 | |||||||||||||||||||||||
Ratio of Earnings to Fixed Charges | 2.79 | 1.54 | 2.23 | (3.24 | ) | (0.40 | ) | 3.20 | 3.80 | |||||||||||||||||||||
Amount of Deficiency | Not applicable | Not applicable | Not applicable | 47.1 | 36.7 | Not applicable | Not applicable | |||||||||||||||||||||||
| (A) | Includes portion of rent expense considered to be interest. |
| (B) | “Fixed charges” are defined as interest on borrowings (whether expensed or capitalized), the portion of rental expense applicable to interest, and amortization of debt issuance “Fixed charges” are defined as interest on borrowings (whether expensed or capitalized), the portion of rental expense applicable to interest, and amortization of debt issuance costs. |
Interest in Rent Calculation
| Sept 27, 2015 YTD | 2014 | 2013 | Successor 2012 | Predecessor 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||||||
Rent expense | 9.8 | 12.4 | 11.5 | 1.6 | 5.3 | 7.2 | 7.9 | |||||||||||||||||||||||||
Long-term debt (including current portion and capital leases) | 1,897.0 | 1,960.2 | 1,259.7 | 1,075.7 | 383.1 | 331.4 | 251.6 | 112.5 | ||||||||||||||||||||||||
Average Debt balance | 1,928.6 | 1,610.0 | 1,167.7 | 1,075.7 | 357.3 | 291.5 | 182.1 | |||||||||||||||||||||||||
Average Annualized Interest Rate | 5.57 | % | 6.21 | % | 6.40 | % | 4.13 | % | 9.63 | % | 10.84 | % | 14.17 | % | ||||||||||||||||||
Estimated interest in rent expense | 0.5 | 0.8 | 0.7 | 0.0 | 0.4 | 0.8 | 1.1 | |||||||||||||||||||||||||