Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
Successor | Predecessor | |||||||||||||||||||||||||||||||||||
Period From October 1, | Period From July 1, | Year Ended June 30, | ||||||||||||||||||||||||||||||||||
Six Months | Six Months | Year | Year | 2010 | 2010 | |||||||||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Through | Through | |||||||||||||||||||||||||||||||
June 30, | June 30, | December 31, | December 31, | December 31, | September 30, | |||||||||||||||||||||||||||||||
2013(b) | 2012(b) | 2012(b) | 2011(b) | 2010(b) | 2010 | 2010 (c) | 2009 (c) | 2008 (c) | ||||||||||||||||||||||||||||
Computation of Earnings: | ||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 433.7 | $ | 398.0 | $ | 744.2 | $ | 621.8 | $ | 129.2 | $ | 90.6 | $ | 353.4 | $ | (0.2 | ) | $ | (113.6 | ) | ||||||||||||||||
Fixed charges | 258.2 | 148.2 | 319.0 | 275.2 | 64.7 | 90.3 | 459.6 | 686.7 | 854.8 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
$ | 691.9 | $ | 546.2 | $ | 1,063.2 | $ | 897.0 | $ | 193.9 | $ | 180.9 | $ | 813.0 | $ | 686.5 | $ | 741.2 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Computation of Fixed Charges: | ||||||||||||||||||||||||||||||||||||
Fixed charges: (a) | ||||||||||||||||||||||||||||||||||||
Interest expense | $ | 254.6 | $ | 146.1 | $ | 314.8 | $ | 271.1 | $ | 63.8 | $ | 89.4 | $ | 455.3 | $ | 681.5 | $ | 848.7 | ||||||||||||||||||
Implicit interest in rent | 3.6 | 2.1 | 4.2 | 4.0 | 0.9 | 0.9 | 4.3 | 5.2 | 6.1 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
$ | 258.2 | $ | 148.2 | $ | 319.0 | $ | 275.1 | $ | 64.7 | $ | 90.3 | $ | 459.6 | $ | 686.7 | $ | 854.8 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Ratio of Earnings to Fixed Charges | 2.7 | x | 3.7 | x | 3.3 | x | 3.3 | x | 3.0 | x | 2.0 | x | 1.8 | x | (d | ) | (d | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | For purposes of such computation, the term “fixed charges” represents interest expense, including amortization of debt issuance costs, and a portion of rentals representative of an implicit interest factor for such rentals. |
(b) | For the six months ended June 30, 2013 and 2012, interest expense excludes $8.4 million and $18.9 million, respectively, of net purchase premium amortization. For fiscal 2012 and 2011 and for the three months ended December 31, 2010, interest expense excludes $31.5 million, $67.0 million and $27.1 million, respectively, of purchase accounting premium amortization. |
(c) | For the years ended June 30, 2010, 2009 and 2008, interest expense excludes $2.0 million, $45.1 million and $10.2 million, respectively, of non-cash amortization of warrant costs. |
(d) | The amount of the coverage deficiency for the years ended June 30, 2009 and 2008, was approximately $0.2 million and $113.6 million, respectively. |