EX-12.1 5 a2205970zex-12_1.htm EX-12.1
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Exhibit 12.1


COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except ratios)

 
   Year Ended December 31,   Nine Months
Ended
September 30,
2011 		 
 
   2006   2007   2008   2009   2010  

Earnings:

                                      

Income (loss) from continuing operations before provision (benefit) for income taxes

     405     578     (813 )   (107 )   (63 )   108  

Add:

                                      

Fixed charges, net of capitalized interest

     289     251     277     288     279     203  

Total earnings available for fixed charges

     694     829     (536 )   181     216     311  

Fixed charges(1):

                                      

Interest expense, net

     208     187     174     226     255     170  

Add back interest income, which is netted in interest expense

     11     6     6     1     1     1  

Add back gains (losses) on bond repurchases/retirement of subordinated convertible debentures, included in interest expense

     —     —     41     20     (28 )   (1 )

Interest expense—subordinated convertible debentures, net

     13     9     9     (4 )   8     5  

Capitalized interest

     1     2     1     1     —     —  

Interest component of rent expense

     53     49     47     45     43     28  

Interest expense—discontinued operation

     4     —     —     —     —     —  

Fixed charges

     290     253     278     289     279     203  

Ratio of earnings to fixed charges

     2.4x     3.3x     — (2)(3)   — (2)   — (2)   1.5x  
(1)
Fixed charges consist of interest expense, which includes amortization of deferred finance charges, interest expense-subordinated debentures, capitalized interest and imputed interest on our lease obligations. The interest component of rent is determined based on an estimate of a reasonable interest factor at the inception of the leases.

(2)
Due to our losses for the years ended December 31, 2010, 2009 and 2008, the ratio coverage was less than 1:1 for these periods. We would have had to have generated additional earnings of $63, $108, and $814 for the years ended December 31, 2010, 2009 and 2008, respectively, to have achieved coverage ratios of 1:1.

(3)
The loss for the year ended December 31, 2008 includes the effect of an $1,147 pretax non-cash goodwill impairment charge. The effect of this charge was to reduce the ratio of earnings to fixed charges. Had this charge been excluded from the calculation, the ratio of earnings to fixed charges would have been 2.2x for the year ended December 31, 2008.



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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (In millions, except ratios)