EX-12.1 21 dex121.htm STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement regarding Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

EXHIBIT 12—STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Susser Holdings Corporation

Computation of Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

 

     December 28,
2003
   January 2,
2005
    January 1,
2006
    December 30,
2006
    December 31,
2007
 

Earnings:

           

Consolidated pretax income (loss) from continuing operations

   2,667    6,047     (20,642 )   (3,698 )   10,499  

Minority interest in income of consolidated subsidiaries

   65    64     76     61     42  

Loss (income) on equity investments

   —      (55 )   —       (442 )   (512 )

Fixed charges

   19,120    18,742     22,104     31,808     25,576  

Capitalized interest

   —      —       (275 )   (346 )   (550 )

Amortization of capitalized interest

   4    4     11     9     31  
                             

Total earnings available for fixed charges

   21,856    24,802     1,274     27,392     35,086  
                             

Fixed Charges:

           

Interest expense

   16,035    15,615     18,397     23,426     16,372  

Capitalized interest

   —      —       275     346     550  

Estimated interest portion of rent expense

   2,743    2,748     3,093     7,207     8,201  

Amortization of debt issue costs

   342    379     339     829     453  
                             

Total fixed charges

   19,120    18,742     22,104     31,808     25,576  
                             

Ratio of earnings to fixed charges

   1.14    1.32     (a )   (a )   1.37  

 

Notes:

(a) Earnings for the years ended January 1, 2006 and December 30, 2006 were inadequate to cover fixed charges. The deficiency was $20.8 million and $4.4 million for the respective periods. Included in the fiscal 2005 results is $17.3 million of compensation expense recognized for options redeemed related to the December 2005 transactions.