EX-12.1 5 cdw-20171231x10kxex121.htm EXHIBIT 12.1 Exhibit
EXHIBIT 12.1
CDW CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
Years Ended December 31,
(dollars in millions)
 

2013
 

2014
 
2015
 
2016
 
2017
Computation of earnings:
 
 
 
 
 
 
 
 
 
 
Income before income taxes and adjustment for (income) loss from equity investees
 
$
194.9

 
$
385.5

 
$
657.2

 
$
671.2

 
$
659.4

Distributed income from equity investees
 
1.0

 
1.1

 
1.0

 
1.1

 
0.7

Fixed charges
 
254.3

 
202.8

 
164.5

 
153.9

 
155.1

Total earnings
 
$
450.2

 
$
589.4

 
$
822.7

 
$
826.2

 
$
815.2

 
 
 
 
 
 
 
 
 
 
 
Computation of fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
241.8

 
$
191.3

 
$
153.5

 
$
141.8

 
$
145.7

Amortization of deferred financing costs and debt premium
 
8.8

 
6.4

 
6.4

 
6.5

 
5.2

Portion of rent expense representative of interest (1)
 
3.7

 
5.1

 
4.6

 
5.6

 
4.2

Total fixed charges
 
$
254.3

 
$
202.8

 
$
164.5

 
$
153.9

 
$
155.1

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.8

 
2.9

 
5.0

 
5.4

 
5.3


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