Kodak 2010 Annual Report Download - page 116

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114
Exhibit (12)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31
(in millions)
2010
2009
2008
2007
2006
Loss from continuing operations
before provision for income taxes
$ (561)
$ (117)
$ (874)
$ (257)
$ (582)
Adjustments:
Undistributed (earnings) loss of
equity method investees
-
-
-
(1)
(7)
Interest expense
149
119
108
143
262
Interest component of rental
expense (1)
32
36
39
43
53
Amortization of capitalized interest
2
2
2
9
43
Earnings as adjusted
$ (378)
$ 40
$ (725)
$ (63)
$ (231)
Fixed charges:
Interest expense
149
119
108
143
262
Interest component of rental
expense (1)
32
36
39
43
53
Capitalized interest
1
2
3
2
3
Total fixed charges
$ 182
$ 157
$ 150
$ 188
$ 318
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, 2010 were inadequate to cover fixed charges.
The coverage deficiency was $560 million.
** 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.