EX-12.1 5 a09-23595_1ex12d1.htm EX-12.1

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

The following table sets forth our historical ratio of earnings to fixed charges for the periods indicated.

 

 

 

Six Months Ended
June 30,

 

Fiscal Years Ended December 31,

 

(dollars in thousands)

 

2009

 

2008

 

2007

 

2006

 

2005

 

2004

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from operations

 

$

28,229

 

$

132,802

 

$

112,939

 

$

93,964

 

$

63,800

 

$

46,537

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and amortization of debt financing costs

 

5,627

 

16,289

 

24,598

 

23,717

 

23,684

 

19,452

 

Rental(1)

 

2,322

 

5,050

 

4,604

 

3,972

 

3,618

 

3,278

 

Total fixed charges

 

7,949

 

21,339

 

29,202

 

27,689

 

27,302

 

22,730

 

Earnings before income taxes and fixed charges

 

36,178

 

154,141

 

142,141

 

121,653

 

91,102

 

69,267

 

Ratio of earnings to fixed charges

 

4.6

X

7.2

X

4.9

X

4.4

X

3.3

X

3.0

X

 


(1)          The interest factor attributable to rentals consists of one-third of rental charges, which we deem to be representative of the interest factor inherent in rents.

 

Note: These ratios include Knoll, Inc. and its consolidated subsidiaries.  The ratio of earnings to fixed charges was computed by dividing earnings by fixed charges for the periods indicated, where earnings consist of (1) earnings from operations before income taxes, plus (2) fixed charges, and “fixed charges” consist of (a) interest, whether expensed or capitalized, on all indebtedness, (b) amortization of premiums, discounts and capitalized expenses related to indebtedness, and (c) an interest component representing one-third of total operating lease rental expense which is that portion deemed to be interest.