Exhibit 12.1
MOMENTIVE SPECIALTY CHEMICALS INC.
Statement Regarding Computation of Ratios
Three Months Ended March 31, 2013 | Year Ended December 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||
Pre-tax (loss) income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or earnings from unconsolidated entities | (40 | ) | (60 | ) | 103 | 244 | 137 | (1,171 | ) | |||||||||||||||
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Fixed Charges | ||||||||||||||||||||||||
Interest expensed and capitalized | 74 | 263 | 263 | 277 | 227 | 303 | ||||||||||||||||||
Interest element of lease costs(1) | 3 | 12 | 12 | 12 | 12 | 10 | ||||||||||||||||||
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Total fixed charges | 77 | 275 | 275 | 289 | 239 | 313 | ||||||||||||||||||
Pre-tax (loss) income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or earnings from unconsolidated entities plus fixed charges, less preferred stock dividend requirements of consolidated subsidiaries | 37 | 215 | 378 | 533 | 376 | (858 | ) | |||||||||||||||||
Ratio of earnings to fixed charges(2) | N/A | N/A | 1.37 | 1.84 | 1.57 | N/A | ||||||||||||||||||
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(1) | The interest element of lease costs has been calculated as 1/3 of the rental expense relating to operating leases as management believes this represents the interest portion hereof. |
(2) | Our earnings were insufficient to cover fixed charges and preferred stock dividend requirements by $40, $60 and $1,171 for the three months ended March 31, 2013 and the years ended December 31, 2012 and 2008, respectively. |