EX-12.1 24 a2202575zex-12_1.htm EX-12.1

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

Historical Predecessor

 

Pro forma Parent

 

 

 

Fiscal Year
Ended October 3,
2008

 

Fiscal Year
Ended October 2,
2009

 

Fiscal Year
Ended October 1,
2010

 

Three Months
Ended
January 1,
2010

 

Three Months
Ended December
31, 2010

 

Fiscal Year
Ended October 1,
2010

 

Three Months
Ended December
31, 2010

 

 

 

(dollars in thousands)

 

Earnings calculation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

$

31,253

 

$

23,248

 

$

12,361

 

$

5,751

 

$

3,177

 

$

(6,762

)

$

(1,637

)

Add Back: Fixed Charges

 

19,888

 

17,846

 

16,046

 

4,098

 

3,938

 

27,930

 

6,997

 

Calculated Earnings

 

$

51,141

 

$

41,094

 

$

28,407

 

$

9,849

 

$

7,115

 

$

21,168

 

$

5,360

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges calculation (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (b)

 

$

19,055

 

$

16,979

 

$

15,213

 

$

3,881

 

$

3,711

 

$

27,097

 

$

6,770

 

Interest expense portion of rental expense

 

833

 

867

 

833

 

217

 

227

 

833

 

227

 

 

 

$

19,888

 

$

17,846

 

$

16,046

 

$

4,098

 

$

3,938

 

$

27,930

 

$

6,997

 

Ratio: Earnings / Fixed charges

 

2.57

 

2.30

 

1.77

 

2.40

 

1.81

 

 

(c)

 

(c)

 

(a) Fixed charges exclude capitalized interest; capitalized interest is zero.

(b) Includes normal debt issue amortization costs, but does not include gain or loss on debt extinguishment.

(c) For the fiscal year ended October 1, 2010 and three months ended December 31, 2010, Parent pro forma earnings were not sufficient to cover fixed charges. Parent needed additional earnings of $6,762 and $1,637, respectively, to achieve a ratio of earni

 

Interest expense portion of rental expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental expense

 

2,500

 

2,600

 

2,500

 

650

 

680

 

2,500

 

680

 

Estimated Interest Cost

 

33

%

33

%

33

%

33

%

33

%

33

%

33

%

Calculated total

 

833

 

867

 

833

 

217

 

227

 

833

 

227