EX-12.1 6 d497280dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

MOMENTIVE SPECIALTY CHEMICALS INC.

Statement Regarding Computation of Ratios

 

     Three Months
Ended March 31,
2013		     Year Ended December 31,  
       2012     2011      2010      2009      2008  

(dollars in millions)

                                        

Pre-tax (loss) income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or earnings from unconsolidated entities

      (40 )      (60 )      103         244         137         (1,171 ) 
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Fixed Charges

                

Interest expensed and capitalized

      74        263        263         277         227         303   

Interest element of lease costs (1)

      3        12        12         12         12         10   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total fixed charges

      77        275        275         289         239         313   

Pre-tax (loss) income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or earnings from unconsolidated entities plus fixed charges, less preferred stock dividend requirements of consolidated subsidiaries

      37        215        378         533         376         (858 ) 

Ratio of earnings to fixed charges (2)

      N/A        N/A        1.37         1.84         1.57         N/A   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) 

The interest element of lease costs has been calculated as 1/3 of the rental expense relating to operating leases as management believes this represents the interest portion hereof.

(2) 

Our earnings were insufficient to cover fixed charges and preferred stock dividend requirements by $40, $60 and $1,171 for the three months ended March 31, 2013 and the years ended December 31, 2012 and 2008, respectively.