EX-12 3 exhibit1212312015.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


EXHIBIT 12
 
VERSO PAPER HOLDINGS LLC
RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
(Dollars in millions)
2015
 
2014
 
2013
 
2012
 
2011
Earnings (Loss):
 
 
 
 
 
 
 
 
 
Net loss
$
(422
)
 
$
(356
)
 
$
(111
)
 
$
(166
)
 
$
(123
)
Amortization of capitalized interest
1

 
1

 
—

 
—

 
—

Capitalized interest
(2
)
 
(2
)
 
(1
)
 
(3
)
 
(3
)
Fixed charges (below)
279

 
148

 
143

 
134

 
128

Loss adjusted for fixed charges
$
(144
)
 
$
(209
)
 
$
31

 
$
(35
)
 
$
2

Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
272

 
$
144

 
$
139

 
$
128

 
$
122

Capitalized interest
2

 
2

 
1

 
3

 
3

Portion of rent expense representative of interest
5

 
2

 
3

 
$
3

 
3

Total fixed charges
$
279

 
$
148

 
$
143

 
$
134

 
$
128

Coverage deficiency
$
423

 
$
357

 
$
112

 
$
169

 
$
126