EX-12.1 6 y74554exv12w1.htm EX-12.1: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EX-12.1
Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
                                                                     
    Original Predecessor     Immediate Predecessor     Successor
    Year   62 Days     304 Days   174 Days     233 Days   Year   Year   Nine
    Ended   Ended     Ended   Ended     Ended   Ended   Ended   Months Ended
    December 31,   March 2,     December 31,   June 23,     December 31,   December 31,   December 31,   September 30,
    2003   2004     2004   2005     2005   2006   2007   2008
    (in millions)
Fixed charges
                                                                    
a) Interest expensed and capitalized
     1.3       —         8.8       7.3         24.1       52.2       70.4       30.2  
b) Amortized capitalized expenses related to indebtedness (1)
     —       —         8.5       8.9         1.7       26.7       4.1       1.5  
c) Estimate of interest within rental expense
     1.0       0.2         0.8       0.6         0.6       1.3       1.3       1.1  
                 
Total fixed charges
     2.3       0.2         18.1       16.8         26.4       80.2       75.8       32.8  
 
                                                                    
Adjusted earnings
                                                                    
a) Pre-tax income (loss) (2)
     27.9       11.2         83.5       88.5         (182.2 )     311.4       (156.3 )     204.2  
b) Fixed charges
     —       0.2         18.1       16.8         26.4       80.2       75.8       32.8  
c) Amortization of capitalized interest
     —       —         —       —         —       0.1       0.5       0.9  
d) Interest capitalized
     —       —                 (0.3 )       (0.8 )     (11.6 )     (12.0 )     (1.6 )
                 
Adjusted earnings
     27.9       11.4         101.6       105.0         (156.6 )     380.1       (92.0 )     236.3  
 
                                                                    
Ratio of earnings to fixed charges (3)
     12.1 x     57.0 x       5.6 x     6.3 x       —       4.7 x     —       7.2 x
 
(1)   Includes the write-off of $7.2 million of deferred financing costs in connection with the refinancing of our senior secured credit facility on May 10, 2004; $8.1 million of deferred financing costs in connection with the refinancing of our senior secured credit facility on June 23, 2005; $23.4 million in connection with the refinancing of our senior secured credit facility on December 28, 2006 and $1.3 million in connection with the repayment and termination of three credit facilities on October 26, 2007.
 
(2)   Pre-tax income (loss) for the calculation of ratio of income to fixed charges is defined as pre-tax income (loss) from continuing operations before adjustments for minority interest in consolidated subsidiary.
 
(3)   Earnings were insufficient to cover fixed charges by $183.0 million and $167.8 million for the 233 days ended December 31, 2005 and the year ended December 31, 2007, respectively.