EX-12.1 14 d233221dex121.htm STATEMENTS RE COMPUTATION OF RATIOS Statements re Computation of Ratios

Exhibit 12.1

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS

The following illustrates the computation of the historical ratio of earnings to fixed charges (amounts in thousands except ratios). While there are preference securities outstanding as of September 19, 2011, such preference securities do not accrue or otherwise pay any dividends. Additionally, while there were preference securities outstanding during a portion of the fiscal year ended 2010, such preference securities did not accrue or otherwise pay any dividends. Therefore, the ratio of earnings to combined fixed charges and preference dividends are identical to the ratios of earnings to fixed charges.

 

     Historical     Historical     Pro Forma  
     Year Ended December 31,     Six Months
Ended June 30,
    Twelve
Months
Ended
December 31,
    Six Months
Ended
June 30,
 

Fixed Charges

   2006     2007     2008     2009     2010     2011     2010     2011  

Interest on debt

   $ 95,322      $ 97,884      $ 85,026      $ 136,263      $ 114,082      $ 59,268      $ 145,100      $ 75,739   

Amortization of debt premium, discount and capitalized expenses

     (6,233     (6,450     (4,320     25,307        45,110        19,604        (8,213     (4,597

Interest element of rentals*

     14,298        13,102        13,229        12,148        7,740        3,906        7,740        3,906   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

   $ 103,397      $ 104,536      $ 93,935      $ 173,718      $ 166,932      $ 82,778      $ 144,627      $ 75,048   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings:

                

Net income (loss)

   $ 274,651      $ (640,362   $ (976,373   $ (622,019   $ (324,197   $ (144,852   $ (307,011   $ (139,624

Add back:

                

Income (loss) from discontinued operations

     (11,060     (8,175     150,709        (12,235     23,084        —          23,084        —     

Income tax provision (benefit)

     170,974        (19,565     (176,009     (262,682     (102,487     (7,127     (102,487     (7,127

Loss (income) on equity method investment

     2,844        (1,633     (2,288     33,861        12,640        (1,199     12,640        (1,199

Fixed charges

     103,397        104,536        93,935        173,718        166,932        82,778        144,627        75,048   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Earnings

   $ 540,806      $ (565,199   $ (910,026   $ (689,357   $ (224,028   $ (70,400   $ (229,147   $ (72,902
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of Earnings to Fixed Charges

     5.2x        (5.4x     (9.7x     (4.0x     (1.3x     (0.9x     (1.6x     (1.0x
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Additional earnings required to achieve a 1.0x ratio:

     n/a      $ 669,735      $ 1,003,961      $ 863,075      $ 390,960      $ 153,178      $ 373,774      $ 147,950   

 

* We determined the interest component of rent expense to be 10%.