EX-12.1 6 dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement of Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

Statement of Computation of Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

 

     Fiscal Year Ended  
     October 30,
2010
    October 31,
2009
    October 25,
2008
    October 27,
2007
    October 28,
2006
 

Earnings from continuing operations before taxes (1)

   $ 110,180      $ (74,025   $ 22,741      $ 140,034      $ 98,352   

Adjustments:

          

Add fixed charges

     99,824        115,668        23,732        16,454        10,698   

Less capitalized interest

     (7,755     (9,093     (970     —          —     
                                        

Total fixed charges from continuing operations

     92,069        106,575        22,762        16,454        10,698   
                                        

Earnings before taxes and fixed charges, net of capitalized interest

   $ 202,249      $ 32,550      $ 45,503      $ 156,488      $ 109,050   
                                        

Fixed charges:

          

Interest expense (1)

     85,858        99,294        17,249        11,295        7,082   

Capitalized interest

     7,755        9,093        970        —          —     

Interest component of rent expense

     6,211        7,281        5,513        5,159        3,616   
                                        

Total fixed charges from continuing operations

     99,824        115,668        23,732        16,454        10,698   
                                        

Ratio of earnings to fixed charges (2)

     2.0     0.3     1.9     9.5     10.2

Coverage deficiency

   $ —        $ 83,118      $ —        $ —        $ —     
                                        

 

(1) As adjusted due to changes to the accounting for convertible debt instruments.
(2) The ratio of earnings to fixed charges was computed by dividing earnings from continuing operations before taxes and fixed charges, net of capitalized interest, by total fixed charges from continuing operations for the periods indicated. Fixed charges from continuing operations include (i) interest expense and capitalization and amortization of debt discount and issuance costs on all indebtedness and (ii) one-third of all rental expense, which the Company considers to be a reasonable approximation of the interest factor included in rental expense.