EX-12.1 2 d233538dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(In millions, except ratio of earnings to fixed charges)

 

     Predecessor     Successor  
     Year Ended December 31,     Five Months Ended
May 31,
    Seven Months Ended
December 31,
    Nine Months Ended
September 30,
 
     2006     2007     2008     2009     2010     2010     2011  

Income before income taxes

   $ (14.8   $ (117.5   $ (93.3   $ (411.9   $ 319.9      $ 46.2      $ 81.8   

Less:

                

Income from equity method investments

     (0.2     (2.2     (0.9     (4.0     (3.6     (3.4     (3.5
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss) from continuing operations before income taxes and income or loss from equity investments

     (15.0     (119.7     (94.2     (415.9     316.3        42.8        78.3   

Plus:

                

Fixed charges, excluding preferred stock dividend requirement

     92.9        104.8        108.2        73.6        48.3        29.8        39.8   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings available for fixed charges

   $ 77.9      $ (14.9   $ 14.0      $ (342.3   $ 364.6      $ 72.6      $ 118.1   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

                

Interest expense

   $ 87.1      $ 97.4      $ 100.5      $ 66.5      $ 45.2      $ 25.9      $ 33.9   

Estimated interest factor for rentals

     5.8        7.4        7.7        7.1        3.1        3.9        5.9   

Preferred stock dividend requirements

     —          —          —          —          —          4.7        5.5   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges

   $ 92.9      $ 104.8      $ 108.2      $ 73.6      $ 48.3      $ 34.5      $ 45.3   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

     —          —          —          —          7.5        2.1        2.6   

Fixed charges in excess of earnings (1)

   $ 15.0      $ 119.7      $ 94.2      $ 415.9      $ —        $ —        $ —     

 

(1) Earnings were insufficient to cover fixed charges by $15.0 million, $119.7 million, $94.2 million and $415.9 million for the years ended December 31, 2006, 2007, 2008 and 2009, respectively.