EX-12.1 19 f56392orexv12w1.htm EX-12.1 exv12w1
Exhibit 12.1
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
                                                                   
    Successor       Predecessor  
            Two-       Ten-              
    Three     Month       Month     Three        
    Months     Period       Period     Months        
    Ended     Ended       Ended     Ended     Years Ended  
    March 31,     December 31,       October 25,     March 29,     December 31,  
    2010     2009       2009     2009     2008     2007     2006     2005  
    (in millions except ratios)
Fixed charges:
                                                                  
Interest expensed and capitalized, amortization of debt issuance costs and discount on all indebtedness
   $ 2.1     $ 1.3       $ 31.2     $ 14.7     $ 76.5     $ 61.4     $ 60.0     $ 58.5  
Rent expense
     1.2       0.8         3.9       1.0       4.5       3.9       4.0       4.6  
Preferred stock dividend requirements of consolidated subsidiaries
     —       —         6.3       3.4       13.3       12.0       10.9       9.9  
                                                   
Total fixed charges
     3.3       2.1         41.4       19.0       94.2       77.3       74.9       73.0  
Earnings:
                                                                  
Income (loss) from continuing operations before income taxes
    30.1       (0.5 )       841.8       (66.3 )     (314.3 )     (120.0 )     (67.9 )     (109.1 )
Add:
                                                                  
Fixed charges
     3.3       2.1         41.4       19.0       94.2       77.3       74.9       73.0  
Amortization of capitalized interest
     —       —         0.0       0.0       0.1       0.1       0.0       0.0  
Less:
                                                                  
Interest capitalized
     —       —         —       —       —       —       (0.1 )     (0.1 )
Preferred unit dividend requirements of consolidated subsidiaries
     —       —         (6.3 )     (3.4 )     (13.3 )     (12.0 )     (10.9 )     (9.9 )
                                                   
Total earnings plus fixed charges
     33.4       1.6         877.0       (50.6 )     (233.2 )     (54.6 )     (3.9 )     (46.1 )
                                                   
       
Ratio of earnings to fixed charges
     10.2       —         21.2       —       —       —       —       —  
                                                   
The term “fixed charge” means the sum of the following: interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebtedness; and an estimate of interest within rental expense (equal to one-third of rental expense). Management believes this is a reasonable approximation of the interest factor.
Where a dash appears, our earnings were negative and were insufficient to cover fixed charges during the period. Our deficiencies to cover fixed charges in each period presented were as follows:
                                                   
    Successor     Predecessor
              Three    
    Two- Month     Months    
    Period Ended     Ended   Years Ended
    December 31,     March 29,   December 31,
    2009     2009   2008   2007   2006   2005
    (in millions)
Deficiencies
   $ 0.5       $ 69.6     $ 327.5     $ 132.0     $ 78.8     $ 119.2