EX-12.1 4 cdw-20111231xex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES CDW-2011.12.31-EX12.1
EXHIBIT 12.1
CDW CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)


 
 
Predecessor
 
 
Successor
 
 
Period from January 1,
2007 to
 
 
Period from October 12,
2007 to
 
Years ended December 31,
(dollars in millions)
 
October 11, 2007
 
 
December 31, 2007
 
2008
 
2009
 
2010
 
2011
Computation of earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and adjustment for (income) loss from equity investees
 
$
286.4

 
 
$
(58.8
)
 
$
(1,777.2
)
 
$
(461.2
)
 
$
(37.1
)
 
$
28.3

Distributed income from equity investees
 
—

 
 
—

 
—

 
—

 
0.2

 
0.5

Fixed charges
 
4.6

 
 
105.8

 
397.3

 
413.1

 
420.7

 
324.9

Total earnings
 
$
291.0

 
 
$
47.0

 
$
(1,379.9
)
 
$
(48.1
)
 
$
383.8

 
$
353.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Computation of fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on debt obligations
 
$
—

 
 
$
91.1

 
$
351.8

 
$
389.3

 
$
394.7

 
$
302.0

Amortization of debt issuance costs
 
—

 
 
13.4

 
38.6

 
16.2

 
18.0

 
15.7

Portion of rent expense representative of interest (1)
 
4.6

 
 
1.3

 
6.9

 
7.6

 
8.0

 
7.2

Total fixed charges
 
$
4.6

 
 
$
105.8

 
$
397.3

 
$
413.1

 
$
420.7

 
$
324.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
63x

 
 
(2) 

 
(2) 

 
(2) 

 
(2) 

 
1x


(1) 
Imputed interest on operating leases is estimated to be approximately one-third of rent expense.
(2) 
For the period from October 12, 2007 to December 31, 2007 and the years ended December 31, 2008, 2009 and 2010, earnings available for fixed charges were inadequate to cover fixed charges by $58.8 million, $1,777.2 million, $461.2 million and $37.0 million, respectively.