EX-12.1 5 d259403dex121.htm EX-12.1 EX-12.1

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 millions except ratios). We have one share of Series A Voting Preferred Stock outstanding, which does not entitle the holder to have any dividend rights. As a result, the ratio of earnings to combined fixed charges and preference dividends are identical to the ratios of earnings to fixed charges.

 

     Year Ended December 31,     Nine Months Ended
September 30,
 
     2011     2012     2013     2014     2015     2016  

Fixed Charges:

            

Interest on debt

   $ 132.7      $ 153.2      $ 154.3      $ 118.0      $ 100.0      $ 72.0   

Amortization of debt premium, discount and capitalized expenses

     19.7        0.9        9.9        34.3        8.4        6.4   

Interest element of rentals*

     26.2        25.7        25.1        32.6        39.4        34.0   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Fixed Charges

   $ 178.6      $ 179.8      $ 189.3      $ 184.9      $ 147.8      $ 112.4   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings:

            

Net income (loss)

   $ (354.4   $ (136.5   $ (83.6   $ (67.7   $ 0.7      $ 29.0   

Add back:

            

Income tax provision (benefit)

     (7.5     (15.0     (45.9     (16.1     (5.1     3.4   

Income on equity method investment

     (2.6     (1.9     (2.1     (2.1     (2.3     (0.4

Fixed charges

     178.6        179.8        189.3        184.9        147.8        112.4   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Earnings

   $ (185.9   $ 26.4      $ 57.7      $ 99.0      $ 141.1      $ 144.4   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of Earnings to Fixed Charges

     (1.0x     0.1x        0.3x        0.5x        1.0x        1.3x   

Additional earnings required to achieve a l.0x ratio:

   $ 364.5      $ 153.4      $ 131.6      $ 85.9      $ 6.7      $ —     

 

* We determined the interest component of rent expense to be 33%.