EX-12.1 45 a13-25105_1ex12d1.htm EX-12.1

Exhibit 12.1

 

RATIO OF EARNINGS TO FIXED CHARGES

 

The following table presents our ratio of earnings to fixed charges for the periods indicated:

 

 

 

Successor

 

 

Predecessor

 

 

 

Nine Months
Ended
September 30,

 

October 2
Through
December 31,

 

 

January 1
Through
October 1,

 

Year Ended December 31,

 

 

 

2013

 

2012

 

 

2012

 

2011

 

2010

 

2009

 

2008

 

 

 

(dollars in millions)

 

Income (loss) before income taxes

 

$

(288

)

$

(113

)

 

$

121

 

$

(575

)

$

(453

)

$

(1,155

)

$

327

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed earnings (losses) from continuing operations

 

—

 

—

 

 

—

 

—

 

(62

)

(72

)

(40

)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and other financing costs, including loss on extinguishment of debt

 

78

 

16

 

 

97

 

360

 

363

 

446

 

428

 

Interest component of rental expense

 

1

 

—

 

 

1

 

116

 

99

 

147

 

147

 

Earnings (loss) as adjusted

 

$

(209

)

$

(97

)

 

$

219

 

$

(99

)

$

71

 

$

(490

)

$

942

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and other financing costs, including loss on extinguishment of debt

 

$

78

 

$

16

 

 

$

97

 

$

360

 

$

363

 

$

446

 

$

428

 

Capitalized interest

 

1

 

—

 

 

5

 

12

 

15

 

24

 

23

 

Interest component of rental expense

 

1

 

—

 

 

1

 

116

 

99

 

147

 

147

 

Fixed charges

 

$

80

 

$

16

 

 

$

103

 

$

488

 

$

477

 

$

617

 

$

598

 

Ratio of earnings to fixed charges

 

 

(a)

 

(a)

 

2.13

 

 

(a)

 

(a)

 

(a)

1.57

 

 

(a)                   For the years ended December 31, 2009, 2010,  2011, for the period from October 2 through December 31, 2012 and the nine months ended September 30, 2013 earnings were insufficient to cover fixed charges by $1,107, $406, $587, $113 and $289, respectively.