EX-12.1 2 dex121.htm STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement Regarding Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

    Successor          Predecessor  
    Year Ended
December 31,
2010
    Two-Month
Period  Ended

December 31,
2009
      Ten-Month
Period Ended

October 25,
2009
    Years Ended
December 31,
 
           
            2008     2007     2006  
    (in millions except ratios)  

Fixed charges:

               

Interest expensed and capitalized, amortization of debt issuance costs and discount on all indebtedness

  $ 23.3      $ 1.3          $ 31.2      $ 76.5      $ 61.4      $ 60.0   

Rent expense

    4.1        0.8            3.9        4.5        3.9        4.0   

Preferred stock dividend requirements of consolidated subsidiaries

    —          —              6.3        13.3        12.0        10.9   
                                                   

Total fixed charges

    27.4        2.1            41.4        94.2        77.3        74.9   

Earnings:

               

Income (loss) from continuing operations before income taxes

    82.5        (0.5         841.8        (314.3     (120.0     (67.9

Add:

               

Fixed charges

    27.4        2.1            41.4        94.2        77.3        74.9   

Amortization of capitalized interest

    —          —              0.0        0.1        0.1        0.0   

Less:

               

Interest capitalized

    —          —              —          —          —          (0.1

Preferred unit dividend requirements of consolidated subsidiaries

    —          —              (6.3     (13.3     (12.0     (10.9

Total earnings plus fixed charges

    109.9        1.6            877.0        (233.2     (54.6     (3.9
                                                   

Ratio of earnings to fixed charges

    4.0        —              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
       Years Ended
December 31,
 
         
          2008      2007      2006  
     (in millions)         

Deficiencies

   $ 0.5           $ 327.5       $ 132.0       $ 78.8