EX-12.1 4 cdw-20131231x10kxex121.htm EXHIBIT CDW-2013.12.31-10K-EX12.1

EXHIBIT 12.1
CDW CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)

 
 
 
 
 
 
 
 
Years ended December 31,

(dollars in millions)
2009
2010

2011
2012

2013
 
Computation of earnings:
 
 
 
 
 
 
Income (loss) before income taxes and adjustment for (income) loss from equity investees
$
(461.2
)
$
(37.1
)
$
28.3

$
185.8

$
194.9

 
Distributed income from equity investees
—

0.2
 
0.5

1.2

1.0

 
Fixed charges
413.1

420.7
 
324.9

312.4

254.3

 
Total earnings
$
(48.1
)
$
383.8
 
$
353.7

$
499.4

$
450.2

 
 
 
 
 
 
 
 
Computation of fixed charges:
 
 
 
 
 
 
Interest expense
$
389.3

$
394.7
 
$
302.0

$
294.4

$
241.8

 
Amortization of deferred financing costs and debt premium
16.2

18.0
 
15.7

13.6

8.8

 
Portion of rent expense representative of interest (1)
7.6

8.0
 
7.2

4.4

3.7

 
Total fixed charges
$
413.1

$
420.7
 
$
324.9

$
312.4

$
254.3

 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
(2) 

(2) 
 
1.1

1.6

1.8

 

(1) 
Fixed charges include a reasonable estimation of the interest factor included in rental expense.

(2) 
For the years ended December 31, 2009 and 2010, earnings available for fixed charges were inadequate to cover fixed charges by $461.2 million and $37.0 million, respectively.