EX-12.1 2 d78727exv12w1.htm RATIO OF EARNINGS TO FIXED CHARGES exv12w1
Exhibit 12.1
Spirit AeroSystems Holdings, Inc.
Computation of Ratio of Earnings to Fixed Charges
($ in millions, except ratios)
                                         
    Spirit Holdings
    Twelve Months Ended
    December 31,   December 31,   December 31,   December 31,   December 31,
    2010   2009   2008   2007   2006
Earnings
                                        
 
Pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees
   $ 297.8     $ 272.8     $ 383.9     $ 419.8     $ (71.5 )
Add: Fixed Charge (from below)
     73.0       54.0       47.0       46.6       62.1  
Add: Amortization of capitalized interest
     2.1       2.3       1.5       1.0       0.2  
 
                                        
Add: Distributed income of equity investee
     (0.7 )     (0.2 )     —       —       —  
Subtract Capitalized interest expense
     —       7.1       5.4       7.5       10.3  
 
     372.2       321.8       427.0       459.9       (19.5 )
 
                                        
Fixed charges:
                                        
Interest expense (including amortization of debt issuance costs, debt discounts and premiums)
     59.1       43.6       39.2       36.8       50.1  
Add: Capitalized interest expense
     10.3       7.1       5.4       7.5       10.3  
 
                                        
Add: Portion of rentals representing interest (1/3 of Operating Lease Payments)
     3.6       3.3       2.4       2.3       1.7  
 
   $ 73.0     $ 54.0     $ 47.0     $ 46.6     $ 62.1  
 
                                        
Ratio of earnings to fixed charges
     5.1       6.0       9.1       9.9       A  
 
A.   Due to the registrant’s loss in 2006, the ratio coverage was less than 1:1. The registrant must generate additional earnings of $81.6 to achieve a coverage ratio of 1:1.