EX-12 2 d261204dex12.htm STATEMENT RE COMPUTATION OF PER SHARE EARNINGS Statement re computation of per share earnings

EXHIBIT 12

CALCULATION OF RATIO OF EARNINGS TO TOTAL FIXED CHARGES

(In millions, except ratio)

 

     2011   2010    2009    2008    2007

Earnings:

                        

(Loss) income from continuing operations before income tax expense

      $ (318 )     $ (276 )      $ (208 )      $ 70        $ 116  

Add:

                        

Fixed Charges

        78         99          100          144          98  
                                                       

Total (loss) earnings available for fixed charges

        (240 )       (177 )        (108 )        214          214  
                                                       

Fixed Charges:

                        

Interest expense and other financial charges

        76         97          97          141          95  

Reasonable approximation of portion of rent under long-term operating leases representative of an interest factor

        2         2          3          3          3  
                                                       

Total fixed charges

        78         99          100          144          98  
                                                       

(Deficiency) ratio of earnings to total fixed charges

        (240 )       (177 )        (108 )        1.5x          2.2x  
                                                       

 

(a)

We computed the ratio of earnings to fixed charges by dividing earnings (earnings from continuing operations before cumulative effect of change in accounting principle and taxes, adjusted for fixed charges from continuing operations, minority interest in the income of subsidiaries with fixed charges and undistributed earnings or loss of equity method investees) by fixed charges from continuing operations for the periods indicated. Fixed charges from continuing operations include (i) interest expense and amortization of debt discount or premium on all indebtedness, and (ii) a reasonable approximation of interest factor deemed to be included in rental expense.