Kodak 2009 Annual Report Download - page 135

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133
Exhibit (12)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
(in millions) 2009 2008 2007 2006 2005
Loss from continuing operations
before provision for income taxes $ (117) $ (874) $ (257) $ (582) $ (1,211)
Adjustments:
Undistributed (earnings) loss of
equity method investees - - (1) (7) (12)
Interest expense 119 108 143 262 211
Interest component of rental
expense (1) 36 39 43 53 50
Amortization of capitalized interest 2 2 9 43 22
Earnings as adjusted $ 40 $ (725) $ (63) $ (231) $ (940)
Fixed charges:
Interest expense 119 108 143 262 211
Interest component of rental
expense (1) 36 39 43 53 50
Capitalized interest 2 3 2 3 3
Total fixed charges $ 157 $ 150 $ 188 $ 318 $ 264
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, 2009 were inadequate to cover fixed charges.
The coverage deficiency was $117 million.
** Earnings for the year ended December 31, 2008 were inadequate to cover fixed charges.
The coverage deficiency was $875 million.
*** 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 $549 million.
***** Earnings for the year ended December 31, 2005 were inadequate to cover fixed charges.
The coverage deficiency was $1,204 million.