Kodak 2007 Annual Report Download - page 113

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112
n
COMPUTATION OF R ATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
(in millions) 2007 2006 2005 2004 2003
Loss from continuing operations before provision
for income taxes
$ (256)
$ (583)
$ (1,208)
$ (625)
$ (436)
Adjustments:
Minority interest in income of subsidiaries
with fixed charges
(1)
—
(3)
(3)
19
Undistributed (earnings) loss of equity
method investees
(1)
(7)
(12)
(30)
41
Interest expense 113 172 139 111 97
Interest component of rental expense (1) 43 53 50 54 53
Amortization of capitalized interest 9 43 22 25 27
Earnings as adjusted $ (93) $ (322) $ (1,012) $ (468) $ (199)
Fixed charges:
Interest expense 113 172 139 111 97
Interest component of rental expense (1) 43 53 50 54 53
Capitalized interest 2 3 3 2 2
Total fixed charges $ 158 $ 228 $ 192 $ 167 $ 152
Ratio of earnings to fixed charges * ** *** **** *****
(1) Interest component of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the interest factor.
* Earnings for the year ended December 31, 2007 were inadequate to cover fixed charges. The coverage deficiency was $251 million.
** Earnings for the year ended December 31, 2006 were inadequate to cover fixed charges. The coverage deficiency was $550 million.
*** Earnings for the year ended December 31, 2005 were in adequate to cover fixed charges. The coverage deficiency was $1,204 million.
**** Earnings for the year ended December 31, 2004 were inadequate to cover fixed charges. The coverage deficiency was $635 million.
***** Earnings for the year ended December 31, 2003 were inadequate to cover fixed charges. The coverage deficiency was $351 million.
Exhibit (12)