EX-12.1 3 ex12_1.htm EXHIBIT 12.1 ex12_1.htm
EXHIBIT 12.1

Statement of Computation of Ratio of Earnings to Fixed Charges

   
Year Ended January 31,
  
   
2013
    
2012
    
2011
    
2010
    
2009
  
                               
                               
Income (loss) before income taxes
   $ 82,721     $ (3,882 )   $ 66     $ 8,623     $ 60,828  
                                         
Fixed charges
     29,037       34,430       40,699       34,880       37,105  
                                         
Capitalized interest
     (360 )     (21 )     (18 )     (89 )     (164 )
                                         
Total earnings
   $ 111,398     $ 30,527     $ 40,747     $ 43,414     $ 97,769  
                                         
Interest expense (including capitalized interest)
   $ 13,653     $ 19,893     $ 24,553     $ 20,666     $ 24,072  
                                         
Amortized premiums and expenses
     3,754       2,586       3,546       1,414       1,022  
                                         
Estimated interest within rent expense
     11,630       11,951       12,600       12,800       12,011  
                                         
Total fixed charges
   $ 29,037     $ 34,430     $ 40,699     $ 34,880     $ 37,105  
                                         
Ratio of earnings to fixed charges (1)
     3.8       -       1.0       1.2       2.6  

(1)
Due to our loss in the fiscal year ended January 31, 2012, the ratio coverage was less than 1:1. Additional earnings of $3.9 million would have been required to achieve a ratio of 1:1. For the fiscal year ended January 31, 2012, we incurred charges of approximately $11.1 million related to the repayment of our term loan that are not included in amortized premiums and expenses above. This amount included a prepayment premium of $4.8 million, write-off of the unamortized original issue discount of $5.4 million and deferred financing costs of $0.9 million.