Exhibit 12.1
Statement Regarding Computation of Earnings to Fixed Charges
| Successor | Predecessor | ||||||||||||||||||||||||||||||||
| Six
Months Ended June 30, 2010 |
Two-Month Period Ended December 31, 2009 |
Ten-Month Period Ended October 25, 2009 |
Six
Months Ended June 28, 2009 |
Years
Ended December 31, |
|||||||||||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | ||||||||||||||||||||||||||||||
| (in millions except ratios) | |||||||||||||||||||||||||||||||||
| Fixed charges: |
|||||||||||||||||||||||||||||||||
| Interest expensed and capitalized, amortization of debt issuance costs and discount on all indebtedness |
$ | 8.9 | $ | 1.3 | $ | 31.2 | $ | 27.5 | $ | 76.5 | $ | 61.4 | $ | 60.0 | $ | 58.5 | |||||||||||||||||
| Rent expense |
2.4 | 0.8 | 3.9 | 2.1 | 4.5 | 3.9 | 4.0 | 4.6 | |||||||||||||||||||||||||
| Preferred stock dividend requirements of consolidated subsidiaries |
— | — | 6.3 | 6.3 | 13.3 | 12.0 | 10.9 | 9.9 | |||||||||||||||||||||||||
| Total fixed charges |
11.3 | 2.1 | 41.4 | 35.9 | 94.2 | 77.3 | 74.9 | 73.0 | |||||||||||||||||||||||||
| Earnings: |
|||||||||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes |
2.1 | (0.5 | ) | 841.8 | (35.3 | ) | (314.3 | ) | (120.0 | ) | (67.9 | ) | (109.1 | ) | |||||||||||||||||||
| Add: |
|||||||||||||||||||||||||||||||||
| Fixed charges |
11.3 | 2.1 | 41.4 | 35.9 | 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 | ) | (6.3 | ) | (13.3 | ) | (12.0 | ) | (10.9 | ) | (9.9 | ) | |||||||||||||||||||
| Total earnings plus fixed charges |
13.4 | 1.6 | 877.0 | (5.7 | ) | (233.2 | ) | (54.6 | ) | (3.9 | ) | (46.1 | ) | ||||||||||||||||||||
| Ratio of earnings to fixed charges |
1.2 | — | 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 | |||||||||||||||||||
| Two-Month Period Ended December 31, 2009 |
Six Months Ended June 28, 2009 |
Years
Ended December 31, | ||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | |||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Deficiencies |
$ | 0.5 | $ | 41.6 | $ | 327.5 | $ | 132.0 | $ | 78.8 | $ | 119.2 | ||||||||