EX-12.1 52 a121statementofearningstof.htm STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 12.1 Statement of Earnings to Fixed Charges


CENTAUR GUERNSEY L.P. INC. AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(in thousands)


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year Ended December 31,
 
 
 
 
 
Six Months Ended June 30,
 
2007
 
2008(1)
 
2009
 
2010
 
Period from January 1 through November 3, 2011
 
Period from November 4 through December 31, 2011(2)
 
2011
(unaudited)
 
2012(2) (unaudited)
 
Predecessor
 
Predecessor
 
Predecessor
 
Predecessor
 
Predecessor
 
Successor
 
Predecessor
 
Successor
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) before income taxes
$
357,953

 
$
275,168

 
$
334,381

 
$
355,673

 
$
270,259

 
$
(158,803
)
 
$
205,651

 
$
(228,838
)
Capitalized interest on long-term debt
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(882
)
Fixed charges
21,858

 
82,428

 
106,488

 
88,701

 
62,892

 
115,598

 
38,596

 
257,648

Earnings (loss) available for fixed charges
$
379,811

 
$
357,596

 
$
440,869

 
$
444,374

 
$
333,151

 
$
(43,205
)
 
$
244,247

 
$
27,928

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense on long-term debt (3)
$
19,883

 
$
80,753

 
$
104,918

 
$
87,053

 
$
61,931

 
$
114,992

 
$
37,997

 
$
254,929

Capitalized interest on long-term debt
—

 
—

 
—

 
—

 
—

 
—

 
—

 
882

Estimated interest in rent expense
1,975

 
1,675

 
1,570

 
1,648

 
961

 
606

 
599

 
1,837

Total fixed charges
$
21,858

 
$
82,428

 
$
106,488

 
$
88,701

 
$
62,892

 
$
115,598

 
$
38,596

 
$
257,648

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (4)
17.4
 x
 
4.3
 x
 
4.1
 x
 
5.0
 x
 
5.3
 x
 
—

 
6.3
 x
 
—

    
(1)
Amounts include the impact of our acquisition of LifeCell Corporation in May 2008.
(2)
Amounts include the impact of the Merger in November 2011.
(3)
Amount for fiscal year 2007 includes $7.6 million in expense for the redemption premium paid in connection with the redemption of our previously-existing 7 3/8% senior subordinated notes combined with the write off of unamortized debt issuance costs associated with the previously-existing senior credit facility. Amount for period from November 4 through December 31, 2011 (successor) includes $32.3 million of fees associated with the Merger-related bridge financing.
(4)
For the period from November 4 through December 31, 2011 and the six months ended June 30, 2012, earnings were insufficient to cover our fixed charges by $158.8 million and $229.7 million, respectively, due primarily to Merger-related costs, including acquired intangible asset amortization and additional depreciation expense associated with the step-up in property, plant and equipment.