Loading...
Docoh

Eastman Kodak (KODK)

Filed: 7 Mar 17, 12:00am

Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

 

Years Ended December 31 ,

 

 

 

 

Four Months Ended

December 31,

 

 

 

 

Eight Months Ended

August 31,

 

 

 

 

Year Ended December 31,

(in millions)

2016

 

 

2015

 

 

2014

 

 

 

 

2013

 

 

 

 

2013

 

 

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

  before income taxes

$

78

 

 

$

2

 

 

$

(49

)

 

 

 

$

(55

)

 

 

 

$

2,406

 

 

 

 

$

(1,610

)

 

Series A preferred stock dividends

 

(3

)

 

 

 

 

 

 

 

#

 

 

 

 

#

 

 

 

 

#

 

 

 

 

Income (loss) from continuing operations before income

   taxes attributable to common stockholders

 

75

 

 

 

2

 

 

 

(49

)

 

#

 

 

(55

)

 

#

 

 

2,406

 

 

#

 

 

(1,610

)

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Interest expense

 

60

 

 

 

63

 

 

 

62

 

 

 

 

 

22

 

 

 

 

 

106

 

 

 

 

 

139

 

 

  Interest component of rental expense (1)

 

9

 

 

 

10

 

 

 

13

 

 

 

 

 

5

 

 

 

 

 

12

 

 

 

 

 

20

 

 

  Amortization of capitalized interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

  Series A preferred stock dividends

 

3

 

 

 

 

 

 

 

 

#

 

 

 

 

#

 

 

 

 

#

 

 

 

 

Earnings available for fixed charges

$

147

 

 

$

75

 

 

$

26

 

 

#

 

$

(28

)

 

#

 

$

2,524

 

 

#

 

$

(1,449

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Interest expense

 

60

 

 

 

63

 

 

 

62

 

 

 

 

 

22

 

 

 

 

 

106

 

 

 

 

 

139

 

 

  Interest component of rental expense (1)

 

9

 

 

 

10

 

 

 

13

 

 

 

 

 

5

 

 

 

 

 

12

 

 

 

 

 

20

 

 

  Capitalized interest

 

-

 

 

 

2

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

  Series A preferred stock dividends

 

3

 

 

 

 

 

 

 

 

#

 

 

 

 

#

 

 

 

 

#

 

 

 

 

      Total fixed charges and preferred stock dividends

$

72

 

 

$

75

 

 

$

78

 

 

#

 

$

27

 

 

#

 

$

118

 

 

#

 

$

160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

2.0

 

 

 

1.0

 

 

*

 

 

 

 

**

 

 

 

 

 

21.4

 

 

 

 

* * *

 

 

 

(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, 2014 were inadequate to cover fixed charges.  The coverage deficiency was $52 million.

 

 

* *

Earnings for the four months ended December 31, 2013 were inadequate to cover fixed charges.  The coverage deficiency was $55 million.

 

 

* * *

Earnings for the year ended December 31, 2012 were inadequate to cover fixed charges.  The coverage deficiency was $1,609 million.