EX-12.1 26 dex121.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 Steelcase Inc. Computation of Ratio of Earnings to Fixed Charges
Year Ended Nine Months Ended ------------------------------------------------------------------ ------------------------- February 28, February 27, February 26, February 25, February 23, November 24, November 23, 1997 1998 1999 2000 2001 2000 2001 ------------ ------------ ------------ ------------ ------------ ----------- ------------- (in millions, except ratios) Income from continuing operations (1) $ 51.3 $ 340.1 $ 337.4 $ 296.4 $ 303.7 $ 267.5 $ 56.2 Interest expense 2.1 1.7 - 15.9 35.5 29.5 29.6 Portion of rent expense 9.6 10.4 9.0 6.8 7.6 5.3 7.9 Amortization of deferred debt expense - - - 0.7 0.5 0.4 1.1 ---------- ------------ ------------ ------------ ------------ ----------- ----------- Earnings $ 63.0 $ 352.2 $ 346.4 $ 319.8 $ 347.3 $ 302.7 $ 94.8 Fixed charges (total of interest expense, portion of rent expense and amortization of deferred debt expense) (2) $ 11.7 $ 12.1 $ 9.0 $ 23.4 $ 43.6 $ 35.2 $ 38.6 Ratio of earnings to Fixed Charges 5.4 x 29.1 x 38.5 x 13.7 x 8.0 x 8.6 X 2.5 X
(1) Income before provision for income taxes and equity in net income of joint ventures and dealer transitions. (2) The interest factor of rent expense has been calculated using the implied rate of 8.0%.