EX-12.1 2 d449766dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STATEMENT REGARDING

COMPUTATION OF RATIO OF

EARNINGS TO FIXED CHARGES

 

     Successor           Predecessor  
     Years Ended
December 31,
     Two-Month
Period Ended
December 31,
2009
          Ten-Month
Period Ended
October 25,
2009
    Years Ended
December 31,

2008
 
     2012      2011      2010            
     (in millions except ratios)  

Fixed charges:

                    

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

   $ 23.2       $ 25.8       $ 23.3       $ 1.3           $ 31.2      $ 76.5   

Rent expense

     2.8         2.8         4.1         0.8             3.9        4.5   

Preferred stock dividend requirements of consolidated subsidiaries

     —          —          —          —              6.3        13.3   
  

 

 

    

 

 

    

 

 

    

 

 

        

 

 

   

 

 

 

Total fixed charges

     26.1         28.6         27.4         2.1             41.4        94.2   

Earnings:

                    

Income (loss) from continuing operations before income taxes operations before income taxes

     141.3         29.8         82.5         (0.5          841.8        (314.3

Add:

                    

Fixed charges

     26.1         28.6         27.4         2.1             41.4        94.2   

Amortization of capitalized interest

     —          —          —          —              0.0        0.1   

Less:

                    

Interest capitalized

     —          —          —          —              —         —    

Preferred unit dividend requirements of consolidated subsidiaries

     —          —          —          —              (6.3     (13.3
  

 

 

    

 

 

    

 

 

    

 

 

        

 

 

   

 

 

 

Total earnings plus fixed charges

   $ 167.4       $ 58.5       $ 109.9       $ 1.6           $ 877.0      $ (233.2
  

 

 

    

 

 

    

 

 

    

 

 

        

 

 

   

 

 

 

Ratio of earnings to fixed charges

     6.4x         2.0x         4.0x         —              21.2x        —    
  

 

 

    

 

 

    

 

 

    

 

 

        

 

 

   

 

 

 

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
 
     (in millions)  

Deficiencies

   $ 0.5            $ 327.5