Kodak 2014 Annual Report Download - page 139

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Exhibit (12)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended
December
31,
Four
Months
Ended
December
31,
Eight
Months
Ended
August 31,
Years Ended
December 31,
(in millions)
2014
2013
2013
2012
2011
2010
Loss from continuing operations
before provision for income taxes
$
(112
)
$
(74
)
$
2,356
$
(1,610
)
$
(757
)
$
(425
)
Adjustments:
Undistributed (earnings) loss of
equity method investees
-
-
-
-
-
-
Interest expense
62
22
106
139
138
148
Interest component of rental
expense (1)
13
5
12
20
25
32
Amortization of capitalized interest
-
-
-
2
2
2
Earnings available for fixed
charges
$
(37
)
$
(47
)
$
2,474
$
(1,449
)
$
(592
)
$
(243
)
Fixed charges:
Interest expense
62
22
106
139
138
148
Interest component of rental
expense
(1)
13
5
12
20
25
32
Capitalized interest
3
-
-
1
1
1
Total fixed charges
$
78
$
27
$
118
$
160
$
164
$
181
Ratio of earnings to fixed charges
*
* *
21.0
* * *
* * * *
* * * * *
(1)
Interest component of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the in
*
Earnings for the year ended December 31, 2014 were inadequate to cover fixed charges. The coverage deficiency was $115 million.
**
Earnings for the four months ended December 31, 2013 were inadequate to cover fixed charges. The coverage deficiency was $74 milli
* * *
Earnings for the year ended December 31, 2012 were inadequate to cover fixed charges. The coverage deficiency was $1,609 million.
* * * *
Earnings for the year ended December 31, 2011 were inadequate to cover fixed charges. The coverage deficiency was $756 million.
* * * * *
Earnings for the year ended December 31, 2010 were inadequate to cover fixed charges. The coverage deficiency was $424 million.
1