EX-12.1 3 d267390dex121.htm EXHIBIT 12.1 EXHIBIT 12.1

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges

(in thousands)

 

    Predecessor            Successor  
    Year Ended December 31,     Six  Months
Ended

July 1,
2009
           Six  Months
Ended

December 31,
2009
    Year Ended December 31,  
                
    2007      2008                2010      2011  

Earnings:

                   

Pre-tax income (loss) from continuing operations before adjustment for income (loss) of equity investees

  $ 14,644       $ (16,186   $ 457,761            $ 1,259      $ (20,402    $ (27,200

Add: Fixed Charges

    67,120         59,664        16,618              20,528        42,493         40,591   

Add: Distributed income of equity investees

    —           —          —                —          —           —     

Less: Equity investment

    —           —          —                —          —           —     
 

 

 

    

 

 

   

 

 

         

 

 

   

 

 

    

 

 

 

Total earnings before fixed charges

  $ 81,764       $ 43,478      $ 474,379            $ 21,787      $ 22,091       $ 13,391   
 

 

 

    

 

 

   

 

 

         

 

 

   

 

 

    

 

 

 

Fixed charges:

                   

Interest expense

  $ 60,706       $ 53,861      $ 14,072            $ 17,255      $ 35,441       $ 32,506   

Accretion (amortization) on debt discount/premium, net

    449         (583     (189           3        183         213   

Estimated interest component of rent expense

    5,965         6,386        2,735              3,270        6,869         7,872   
 

 

 

    

 

 

   

 

 

         

 

 

   

 

 

    

 

 

 

Total fixed charges

  $ 67,120       $ 59,664      $ 16,618            $ 20,528      $ 42,493       $ 40,591   
 

 

 

    

 

 

   

 

 

         

 

 

   

 

 

    

 

 

 

Ratio of earnings to fixed charges(1)

    1.22         <1        28.55              1.06        <1         <1   

 

(1) The ratio of earnings to fixed charges is computed by dividing the sum of pre-tax income from continuing operations (before adjustment for minority interests in consolidated subsidiaries and loss from equity investees) plus fixed charges, by fixed charges. Fixed charges consist of interest charges, whether expensed or capitalized, and that portion of rental expense we believe to be representative of interest.