EX-12.1 5 a2200573zex-12_1.htm EX-12.1

Exhibit 12.1

 

 

 

Predecessor
Year Ended December 31,

 

Predecessor
Period from
January 1
through
February 26,

 

 

Successor
Period from
February 26
through
June 30,

 

(in thousands, except for ratios)

 

2005

 

2006

 

2007

 

2008

 

2009

 

2010

 

 

2010

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

51,229

 

$

65,133

 

$

(8,639

)

$

(328,266

)

$

(140,112

)

$

50,802

 

 

(46,518

)

Income tax (expense)/benefit

 

(28,209

)

(28,619

)

3,131

 

4,598

 

(2,384

)

1,534

 

 

(343

)

Income before income tax

 

79,438

 

93,752

 

(11,770

)

(332,864

)

(137,728

)

49,268

 

 

(46,175

)

Add: Fixed charges (per below)

 

66,643

 

50,910

 

48,344

 

51,400

 

59,753

 

7,496

 

 

13,730

 

Total earnings available for fixed charges

 

146,081

 

144,662

 

36,574

 

(281,464

)

(77,975

)

56,764

 

 

(32,445

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges (interest expense, net)

 

66,643

 

50,910

 

48,344

 

51,400

 

59,753

 

7,496

 

 

13,730

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges(1)

 

2.19

 

2.84

 

0.76(2)

 

—(2)

 

—(2)

 

7.57

 

 

—(3)

 


(1) The term “fixed charges” means the sum of (a) interest expensed and capitalized and (b) amortized premiums, discounts and capitalized expenses related to indebtedness.  The term earnings” means the sum of (a) pre-tax income from continuing operations and (b) fixed charges.

 

(2) Earnings were inadequate to cover fixed charges by $11.8 million, $332.9 million, $137.7 million for the years ended December 31, 2007, 2008 and 2009, respectively.

 

(3) Earnings were inadequate to cover fixed charges by $46.2 million for the Successor Period from February 26, 2010 through June 30, 2010.